Fifth Third Streamlines Back Office Processing, Plans for Future Growth With Implementation of CheckFree's Industry-Leading Paym
ATLANTA and LAS VEGAS, Oct. 17 (www.AllPayNews.com) -- Association for Financial Professionals Conference, Booth #623 -- CheckFree Corporation (Nasdaq: CKFR), today announced that Fifth Third Bank (Nasdaq: FITB) has implemented CheckFree's industry-leading payment solution as part of its strategy to expand its business services for corporate customers and maximize performance throughout its back-office operations.
The bank has implemented the CheckFree Positive Pay Accelerator(TM) module, building on its existing implementation of CheckFree ARP/SMS(TM) software. CheckFree's Positive Pay Accelerator will enable the bank to expand its innovative positive pay offerings to the corporate marketplace and strengthen its treasury management business.
"Fifth Third leverages technology to help us extend new services to our customer base, while we continue to manage risk and take steps to minimize fraud," said C. David Cook, Senior Vice President and Director of Treasury Management Services. "Through our partnership with CheckFree, we have deployed the Positive Pay Accelerator solution to provide the scalability and flexibility we need in our treasury management operations to manage future growth."
Designed to accommodate growing transaction volumes, as well as emerging types of transactions such as ACH and image exchange, the solution enables Fifth Third to provide corporate clients with even earlier validation and detection of exception items. This solution will assist the Bank to achieve its goal of expanded fraud protection across all corporate payment types.
CheckFree Positive Pay Accelerator is a powerful enhancement to CheckFree ARP/SMS(TM) (Account Reconciliation Package/Service Management System), a comprehensive solution that helps reduce exposure to check fraud, streamline back-office operations and expand treasury management product offerings.
"The combination of CheckFree's Applied Operational Intelligence(SM) approach and our industry-leading payment processing solutions helps our clients reduce the cost of servicing their customers and deliver innovative new services that drive revenue growth," said Esther Pigg, vice president of global product management for CheckFree Software.
CheckFree's Applied Operational Intelligence(SM) approach helps clients drive profitability and performance through a combination of innovative software, industry expertise and collaborative partnership. This approach is built on CheckFree's core competencies of reconciliation, exception management, transaction process management, corporate actions processing, payments processing, risk management and compliance. The Applied Operational Intelligence approach is expressly designed to manage risk and efficiency, while leveraging valuable 'operational intelligence' to achieve measurable return on investment.
About Fifth Third Bancorp (http://www.53.com)
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $106.1 billion in assets, operates 19 affiliates with 1,145 full-service Banking Centers, including 116 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,108 Jeanie(R) ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2006, has $203 billion in assets under care, of which it manages $31 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com. Fifth Third's common stock is traded through the NASDAQ(R) National Global Select Market System under the symbol "FITB." Member FDIC.
About CheckFree (http://www.checkfreecorp.com)
Founded in 1981, CheckFree Corporation (Nasdaq: CKFR) provides financial electronic commerce services and products to organizations around the world. CheckFree Electronic Commerce solutions enable thousands of financial services providers and billers to offer their customers the convenience of receiving and paying their household bills online or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to thousands of financial services organizations, which manage about $1.4 trillion in assets. CheckFree Software develops, markets and supports software applications that are used by financial institutions to process more than two-thirds of the 14 billion Automated Clearing House transactions in the United States. The division also provides operational risk management, financial messaging, corporate actions, and regulatory compliance software to more than 1,500 organizations across the globe.
Certain of the Company's statements in this press release are not purely historical, and as such are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management's intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended June 30, 2006 (filed September 8, 2006). One or more of these factors have affected, and could in the future affect the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this press release will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.
SOURCE CheckFree Corporation
CONTACT: Media relations, Judy DeRango Wicks, +1-678-375-1595, or
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Web site: http://www.checkfreecorp.com