Small and medium-sized businesses now have the ability to eliminate more paper payments and use the same tools as large businesses to take advantage of the convenience and efficiency of end-to-end online remittance management
Atlanta, GA (PRWEB) January 29, 2007
CheckFree Corporation (Nasdaq: CKFR) today announced the release of an upgraded download remittance service, a tailored solution that enables small and medium-sized merchants to receive and manage electronic payment remittances that originate from within the CheckFree network of more than 2,000 financial institutions. The CheckFree solution, built and powered by eBusiness software provider nuBridges, improves the efficiency of electronic bill payment remittances for small and medium-sized merchants by automating processing activities that have historically required at least some manual intervention.
The CheckFree download remittance service, introduced in 2005, is currently used by merchants to collectively receive more than 400,000 electronic remittances each month, which equates to more than 4.8 million remittances per year. Upgrades to the existing service were based upon current user feedback, and include enhanced reporting capabilities, the ability to search up to 14 months of payment history and the ability to download payment details in multiple formats.
Millions of consumers pay bills online through their bank, brokerage or credit union each month, generating a substantial volume of electronic payments that must move from the consumer's financial institution to the business being paid. Frequently, smaller merchants are not equipped to accept remittances electronically, necessitating the creation of a paper check for payment despite the fact that the consumer paid electronically.
The CheckFree download remittance service provides merchants with the ability to receive secure electronic ACH deposits directly into their company's bank account, and provides comprehensive payment details that make it easy to reconcile payments with customer accounts. The nuBridges truExchange platform, coupled with nuBridges Collaboration Hub product, facilitates the flow of remittance details to merchants, allowing them to securely access and download deposit information and manage payment processing status through a password-protected online account.
Merchants who implement the download remittance service from CheckFree have the potential to recognize direct financial benefits resulting from:
- Reduced exception management and claim costs as a result of accurate and timely posting of receivables,
- Reduced processing costs and banking fees as a result of fewer paper checks,
- Increased investment income due to a streamlined cash flow,
- Fewer customer service calls as a result of improved customer relationships.
"Small and medium-sized businesses now have the ability to eliminate more paper payments and use the same tools as large businesses to take advantage of the convenience and efficiency of end-to-end online remittance management," said Mark Critchett, vice president of product management within CheckFree's electronic commerce division. "CheckFree's download remittance service allows merchants to receive funds faster and with fewer exceptions, which makes a significant impact on their bottom line. Electronic remittance also results in improved payment speed for a merchant's customers - allowing them to schedule a payment at the last minute that can still be processed before the due date."
"nuBridges truExchange platform was built for high-volume, secure information exchange," said Paul Lockart, chief operating officer with nuBridges. "We're excited that our technology can be used to reinforce CheckFree's already strong relationship with merchants - regardless of the merchant's size or technical resources. It's a practical solution for everyone involved."
nuBridges provides eBusiness software and services for thousands of manufacturers, wholesalers, retailers, utilities, and financial services firms worldwide. From secure connectivity to complete online collaboration, nuBridges is the practical path to eBusiness for trading partners of all sizes and technical levels. For more information on nuBridges, visit http://www.nubridges.com.
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 the convenience of receiving and paying household bills online, via phone or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to hundreds of financial services organizations, which manage about $1.5 trillion in assets. CheckFree Software develops, markets and supports payment processing solutions that are used by financial institutions to process more than two-thirds of the 14 billion Automated Clearing House transactions in the United States, and supports reconciliation, exception management, risk management, transaction process management, corporate actions processing, and compliance within thousands of organizations worldwide.
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) and Form 10-Q for the quarter ended September 30, 2006 (filed November 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.