CheckFree Supports ACH Globalization with PEP+ Software Platform
Monday November 3, 9:05 am ET
- PEP+ Processing Platform Enhanced to Allow Users To Access Federal Reserve's International Services -
ATLANTA and ORLANDO, Fla., Nov. 3 /PRNewswire-FirstCall/ -- AFP Annual Conference Booth #101 -- CheckFree ACH Solutions, a business unit of CheckFree Corporation (Nasdaq: CKFR - News), today announced it has successfully developed and implemented enhancements to its PEP+ system, the premier Automated Clearinghouse (ACH) processing platform among leading financial institutions, that will allow financial institutions to originate and receive international payments through the Federal Reserve's new international services.
Earlier this year, the Federal Reserve announced that it would support the origination and receipt of credit items between the United States and select European countries beginning November 3, 2003. The Federal Reserve's service, called the Transatlantic LPI (Limited Production Implementation), will enable ACH transactions to be processed between U.S. banks and financial institutions in Austria, Germany, the Netherlands, Switzerland and the United Kingdom. A similar service is currently planned for late 2004 that will enable payments to be processed to and from Mexico. By implementing this solution, account holders at banks that use this enhancement will be able to originate and receive credit transactions with countries that are participating in the Transatlantic LPI. This process will play an increasing role as businesses and consumers look for more economic and efficient means to pay for goods and services overseas.
"The Federal Reserve strongly supports the concept of expanding cross border retail payments services through the ACH network," stated Rich Oliver, retail payments product manager for the Federal Reserve. "We deeply appreciate the leadership of vendors, such as CheckFree, in helping to achieve this vision."
"The Federal Reserve has done an excellent job of anticipating the needs of payment systems participants," adds Denny Oswalt, senior vice president and general manager of CheckFree's ACH Solutions business unit. "Previously, wire transfer was the primary means for making international payments and proved costly for many types of transactions. Working with representatives of the Federal Reserve Bank, CheckFree has enabled various stakeholders to benefit from a new effective and efficient means for paying international trading partners. . ."
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