COMTEX)B: CHECKFREE AND FLEET ANNOUNCE LONG-TERM ACH IN-SOURCING AGREEMENT
ATLANTA, Sep 29, 1999 /PRNewswire via COMTEX/ -- CheckFree (Nasdaq:
CKFR) announced today a three-year agreement with Fleet Services
Corporation, a wholly owned subsidiary of Fleet Financial Group (NYSE:
FLT), to provide expanded ACH system support through CheckFree's
Alliance Services platform. Fleet has used CheckFree's PEP+ ACH
processing platform since 1987 to provide electronic payments for
individual and corporate customers. According to the most recent
American Banker survey of ACH originators, Fleet is among the top-10
largest originators of ACH transactions. The agreement will expand the
ACH relationship between the two companies and represents the third
top-10 ACH originator to establish an Alliance Services arrangement
with CheckFree.
Under this new agreement, Fleet and CheckFree will enter into an "in-
sourcing" relationship that will provide the bank with leading-edge ACH
solutions and guaranteed regulatory compliance. Fleet will continue to
operate its ACH system, while CheckFree provides ongoing system support
through a combination of on-site specialists at Fleet ACH processing
centers and dedicated technical support out of CheckFree's Atlanta
office.
Fleet and CheckFree will work cooperatively to determine the optimal
mix of ACH products and services for Fleet's large corporate, middle
market and small business customers. As part of the agreement, Fleet
has automatic access to all current CheckFree-developed modules for the
PEP+ ACH platform. CheckFree personnel will assist Fleet in the
installation of any requested modules, system upgrades and regulatory
enhancements.
"Moving to a CheckFree Alliance Services arrangement will enable Fleet
to maximize ACH system capabilities and throughput, so that we can stay
ahead of volume growth and ever-changing customer requirements," said
John Snyder, senior vice president at Fleet. "At the same time, having
CheckFree's ACH experts assist with day-to-day system operations will
free our resources to focus on adding customer value and strengthening
Fleet's market position."
"In-sourcing through CheckFree Alliance Services will enable Fleet to
process its growing volume of ACH transactions using the leading system
in the industry," added Denny Oswalt, senior vice president and general
manager of CheckFree's ACH Business Unit. "Dedicated CheckFree ACH
experts will ensure that the Fleet system is highly efficient and
feature-rich, while Fleet concentrates on providing enhanced services
to the bank's key customers."
About Fleet Financial Group Fleet Financial Group, headquartered in
Boston and listed on the New York Stock Exchange, is a diversified
financial services company with $107 billion in assets and more than
$87 billion in assets under management. Fleet is the nation's sixth
largest commercial lender and New England's leading small business
lender. Fleet's products and services include consumer banking,
government banking, mortgage banking, private banking, corporate
finance, commercial real estate lending, credit cards, insurance
services, cash management, trade services, export finance, capital
markets, equipment leasing and asset-based lending. Fleet also provides
a wide array of investment management services for both individuals and
institutional clients and operates the nation's third largest discount
brokerage firm through its Quick & Reilly, Inc. subsidiary. With 1,150
branches and 2,400 ATMs, Fleet also provides 24-hour telephone banking
as well as on-line banking services for individuals and businesses.
About CheckFree Founded in 1981, CheckFree (www.checkfree.com ), the
operating subsidiary of CheckFree Holdings Corp., is the leading
provider of financial electronic commerce services, software and
related products. CheckFree designs, develops and markets services that
enable nearly three million consumers to receive and pay bills over the
Internet or electronically through a variety of bill aggregation
points, including banks, brokerage firms, portals and interactive
content sites on the Internet, and personal financial management (PFM)
software.
CheckFree's range of services and products are focused on enabling
customers to make electronic payments and collections, automate
paper-based recurring financial transactions and conduct secure
Internet transactions. After more than a year of beta testing,
CheckFree launched the nation's first fully integrated electronic
billing and payment solution, CheckFree E- Bill(SM), in March of 1997.
Today, the Company has multi-year contracts with more than 60 of the
nation's top billers to provide online billing and payment through the
CheckFree distribution network.
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 Form 10-K for the year ended June 30, 1998, Form
10-Q for the quarter ended March 31, 1999, Form 8-K filed May 25, 1999
and the Company's Registration Statement on Form S-3 (No. 333-79695)
filed June 1, 1999, as amended June 15, 1999. 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
document 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
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: media, Judy Morris, 678-375-1595, or jdmorris@checkfree.com ,
or investors, Tina Moore, 678-375-1278, or
tmoore@checkfree.com , both of
CheckFree Corporation
/Company News On-Call:
prnewswire.com or fax,
800-758-5804, ext. 110744
WEB PAGE: checkfree.com
GEOGRAPHY: Georgia
Massachusetts
INDUSTRY CODE: CPR
MLM
FIN
*** end of story ***
|
