Charles Schwab Press Release
CheckFree Corp. to Help Charles Schwab Customers
Pay Bills on the Internet
The Two Companies Sign Processing Agreement For Bill Payment
Atlanta, (June 4, 1997) -- CheckFree Corporation today announced an agreement with Charles Schwab & Co., Inc., to provide bill payment processing for the financial services firm's customers. Schwab will allow its customers to pay bills through the SchwabNOW! Web site (www.schwab.com) or by touch-tone telephone. CheckFree will provide the bill payment services as well as technical and customer support.
Atlanta-based CheckFree, the nation's leading provider of electronic home banking and bill payment processing, now has contracts for home banking and bill payment transaction processing for 18 of the top 25 banks in the U.S. as well as other leading financial services providers.
Charles Schwab & Co. is the nation's largest on-line broker, enabling investors to trade securities over the World Wide Web. The company has more than $50 billion in on-line customer assets in 800,000 customer accounts.
"The ease and cost savings of electronic bill payment are important features of Schwab's expanded offering of electronic products", said Myra Rothfeld, Schwab Senior Vice President of Retail Marketing. "As the market leader, CheckFree provides the experience and service that both we and our customers are looking for."
"Schwab has always been an innovative company, and its customers have come to expect the most advanced and convenient systems," said Peter J. Kight, president and chief executive officer of CheckFree. "Now Schwab is providing a technology service that, like its investment services, will save its customers time, trouble and money."
The Schwab alliance increases the momentum and popularity of electronic banking and bill payment. During the past 16 months, the number of people using CheckFree's on-line banking and bill payment services has increased by more than 600 percent, from 244,000 to over 1.5 million.
About Charles Schwab
The Charles Schwab Corporation, through its principal operating subsidiary, Charles Schwab & Co., Inc., is the leading provider of discount brokerage services, the pioneer of no-transaction fee mutual funds, and one of the fastest growing financial services companies in the nation. The Company serves over 4.2 million active investor accounts with $270 billion in client assets through a nationwide network of 244 offices. Schwab provides a broad array of investment services for individual investors, institutions, financial advisors and retirement plans. As the largest on-line broker, Schwab capitalizes on technology by offering many personal computer services that provide investors 24-hour access to trading and information.
About CheckFree
Founded in 1981, CheckFree Corporation (NASDAQ:CKFR, www.checkfree.com), is the leading provider of electronic commerce services, software and related products for more than 1.5 million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure transactions on the Internet.
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