CKFR Checkfree Corp (MM)

KeyBank Selects Check Conversion Software To Maximize Biller Experience CheckFree's integrated ARC solution provides multitude of benefits CLEVELAND, Nov. 12 /PRNewswire-FirstCall/ -- KeyBank announced today that it has selected check conversion software from CheckFree Corporation to enable paper checks received at its lockbox or its clients' receivable locations to be converted into Automated Clearing House (ACH) transactions. As the sixth-largest ACH originator in the country, KeyBank's introduction of the PEP+ reach(TM) software to its existing PEP+ ACH environment will most directly benefit its significant base of large corporate billers who use the Accounts Receivable Conversion (ARC) transaction type. The new software enables Key to provide those clients with receivables check conversion services, allowing for lower processing costs and a more efficient accounts receivables process. "Early adopters of ARC are realizing significant benefits, including accelerated collection and return processes, and quicker notification," said Christine Adkins, vice president and senior ePayments product manager. "For instance, billers cannot confirm check returns until the paper check is physically returned to the originating bank," she said. "With ACH processing of an ARC payment, the originating bank -- and therefore, the biller -- will now be guaranteed the return information within two days of the payment settling." The PEP+ reACH solution will incorporate CheckFree's Financial Institution File (FIF), a database built with more than 20 years of actual transaction history from its bill payment service. CheckFree's bill payment reputation has been built on accuracy and high quality electronic payment processing. "Key has a long-standing ACH relationship with CheckFree," said Adkins. "The PEP+ reACH solution allows clients to utilize a seamless, integrated ACH program that will significantly increase transaction accuracy and parsing." The result? Increased convertible transactions and lower administrative returns -- true differentiators of a quality ARC program, she said. Adkins noted that because the rules governing the ARC process are NACHA initiatives, CheckFree proved to be the logical solution given their ACH software specialty and their aptitude for adherence with NACHA guidelines. The system also incorporates market-leading MICR parsing from LML Payments, a leading provider of check conversion technology. "PEP+ reACH provides KeyBank's clients with a significant processing advantage," said Denny Oswalt, senior vice president and general manager of CheckFree ACH Solutions. "Placing the MICR parsing and decision capability within ACH operations, customers see the real-time benefits of minimizing the impact to their processes," he said. About CheckFree ( http://www.checkfreecorp.com/ ) CheckFree (NASDAQ:CKFR) is the leading provider of financial electronic commerce services and products. Founded in 1981 and celebrating its 23rd year in e-commerce, CheckFree is comprised of three divisions: Electronic Commerce, Software, and Investment Services. CheckFree's Software division provides solutions through three operating units: CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions (CFACS), and CheckFree i-Solutions. CheckFree ACH Solutions provides software and services that are used to process more than two-thirds of the nation's nine billion Automated Clearing House payments. CheckFree is exhibiting at the 24th Annual AFP Conference. For more information, please visit Booth #101 or http://www.checkfreecorp.com/ . About Key Cleveland-based KeyCorp (NYSE:KEY) is one of the nation's largest bank- based financial services companies, with assets of approximately $84 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides account access and financial products 24 hours a day. DATASOURCE: KeyCorp CONTACT: Kate Reidy of KeyCorp, +1-216-689-4250, or Web site: http://www.key.com/ http://www.key.com/newsroom http://www.checkfreecorp.com/

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