P&H and CheckFree Financial & Compliance Solutions Combine Forces to Provide High-end Hosted Reconciliation Service
Monday November 3, 10:45 am ET
NEWTON, Mass.--(BUSINESS WIRE)--Nov. 3, 2003--P&H, the market leader for web-based corporate banking systems, and CheckFree Financial and Compliance Solutions (CFACS), the leading provider of reconciliation and compliance software and services and a business unit within CheckFree Corporation (Nasdaq; CKFR), have teamed to provide a high-end reconciliation system in P&H's Outsource Solution Center. With the new relationship, CFACS will license its new, state-of-the-art CheckFree RECON-Plus Frontier(TM) solution for use with P&H's industry-leading Web Cash Manager Suite. Hudson United Bank, with $7.5 billion in assets and 205 branches throughout New Jersey, Connecticut, lower New York State and southeastern Pennsylvania, is the first financial institution to choose the joint solution.
According to Terry Monteith, Vice President of Product Development at P&H, the combined system addresses financial institutions' two key reconciliation service requirements.
"Financial institutions need a web-based front-end for receiving information from customers, such as check issue information and positive pay decisions, and a backend host system that can process check information. The combination of Web Cash Manager's J2EE-based Positive Pay and CheckFree RECON-Plus Frontier in a hosted environment represents the latest in web-based corporate cash management and back-office reconciliation. Together, the systems deliver a powerful, cost-effective package that can meet a wide range business banking needs."
The CheckFree RECON-Plus Frontier system will be installed in P&H's Outsource Solution Center, which is managed in a partnership with NCR Corporation. The Outsource Solution Center currently services over 60 financial institutions, which in turn offer a variety of Web Cash Manager services to their corporate banking customers, including positive pay, issue maintenance, reconciliation, ACH origination, wire payments, and reporting services.
"With this partnership, CheckFree can leverage the skills and experience of P&H to extend the reach of our reconciliation solutions into new markets," said Steve Engdahl, director of product management, CheckFree Financial and Compliance Solutions. "The P&H Outsource environment provides an ideal framework for small to medium financial institutions that are interested in offering partial reconciliation, full reconciliation, positive pay, deposit reporting, and deposit reconciliation products without building their own systems infrastructure. . ."
biz.yahoo.com |
