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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel? -- Ignore unavailable to you. Want to Upgrade?

To: Ed Flynn who wrote (6406)	6/16/1999 9:25:00 AM
From: Rob C.	Respond to of 20297

MOUNTLAKE TERRACE,Wash.--(BUSINESS WIRE)--June 16, 1999--Consolidated Data (OTC BB:CSDD.O) is pleased to announce today that the Company has signed an agreement to offer online Federal Reserve Bank "Fedline" services to its users. EFT Online(tm), the unique Windows based product enables users to electronically process financial transactions from their PC using Microsoft Windows. The EFT Online(tm) software developed and owned by ACH Processing Company of Savannah Georgia will allow YourBank Online.com users direct access to the Federal Reserve's "Fedline" services. These services will allow customers the ability to electronically transfer funds to vendors for the purposes of accounts payable, payroll, taxes, utilities or payments to suppliers which can be easily managed and expeditiously processed. Accounts receivables can be created and settled at the same time, thus eliminating the need for printing and mailing invoices, and costly check handling. Check representation for non-sufficient fund checks can be represented electronically; thereby increasing the chance of settlement without costly delays. Additionally, YourBank Online.com users will be able to automatically withdraw funds on a pre-authorized basis for re-occurring charges which greatly reduces collection costs and moves them one step closer to a true bill presentment/payment system. YourBank Online.com users will benefit by receiving improved cash flow with funds in hand on settlement day, improved receivable turnover rate, decreased delinquencies and write-offs, reduced billing and collection costs. The software can eliminate the need to send statements, and eliminate return envelopes and postage on a pre-authorized basis. All Electronic Funds Transfer processors must follow procedures as established by the American Banking Association and the National Automated Clearing House Association. With the proliferation of credit and debit cards, it is projected that an estimated 43% of American households currently using Electronic Funds Transfer in one form or another and it is envisioned that it will grow to 75% in the near future. Yourbank Online.com users that provide goods and services to Federal government agencies will be able to receive funds electronically, thus bringing them into compliance with recent Federal mandates. "It is the opinion of both Consolidated Data and ACH Processing Company that the use of the 'Fedline' services will virtually eliminate any possible chance of failures and or down time as experienced recently by Check Free Holdings (Nasdaq:CKFR.O)," stated Chief Operating Officer William Doehne. Contact: Consolidated Data/ Investor Relations -- 800/256-3954. Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. --30--brm/se* CONTACT: Consolidated Data Investor Relations, 800/256-3954 KEYWORD: WASHINGTON INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED INTERACTIVE/MULTIMEDIA/INTERNET BANKING GOVERNMENT Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 1999, Business Wire