ATLANTA--(BUSINESS WIRE)--Nov. 3, 1999--
nFront moves to expand Internet banking through CheckFree by
presenting bills electronically at banks' Web sites
nFront(tm), Inc. (NASDAQ:NFNT.O)(www.nfront.com), a leading
outsource provider of Internet banking services, today announced an
agreement with CheckFree (NASDAQ: CKFR.O) that will enable electronic
bills to be presented to a growing number of Internet banking users.
CheckFree pioneered electronic billing and payment (EBP) and
launched the nation's first fully integrated market-proven EBP payment
solution in 1997. With more than half of the nation's top 100 billers
as its clients, CheckFree remains the leading provider of the
technology.
nFront provides its bank customers the enabling technology and
marketing support for comprehensive Internet banking services. In the
first half of 2000, nFront will enable its bank customers to present
electronic bills from CheckFree's billers -- including leading
telephone companies, utilities, mortgage companies and cable operators
-- to Internet banking users.
When requested by consumers, billers will deliver the specified
consumer bills electronically to nFront client banks via CheckFree.
nFront enables customers to view and pay their bills -- which are
displayed in color, with graphic bill representations, logos and
billing details -- conveniently and securely on their desktop or
portable computers.
"CheckFree is a leading player in the electronic billing and
payment market," said Tripp Rackley, nFront chairman and CEO. "This
business relationship brings CheckFree's technology and infrastructure
to nFront's 200-plus financial institution clients, with more than $90
billion in combined deposit assets, so each can strengthen
relationships with its Internet-active customers."
From its inception, nFront has become a leading provider of
Internet banking services by forming alliances with key players, such
as CheckFree, in the financial services industry. nFront currently
offers 48 direct interfaces into core processing systems, more than
any other provider of Internet banking services. In addition, nFront
has exclusive partnerships with 15 companies that provide core
processing services and eight companies that provide other services to
financial institutions.
For example, nFront's business partnerships include BISYS(R), a
leader in bank core processing systems, and MindSpring(R), a leading
Internet service provider. These strategic partners, combined with the
exclusive endorsement of the American Bankers Association (ABA), give
nFront a strong, dynamic distribution channel in the small- to
mid-size bank market.
"Electronic billing and payment is a primary application to
retain Internet banking customers," said Lynn Busing, CheckFree
Executive Vice President of Account Management. "nFront is a strong
'front end' distribution partner in expanding the role of the Internet
in the small- to mid-size bank market."
"The emerging Internet bill presentment and payment market
promises great economic benefits for consumers, billers and banks,"
said Gartner Group analyst Avivah Litan. "Banks must proactively lead
their customers to their electronic bills or else risk losing a key
online consumer interface as well as physical control -- and profits
-- of the electronic bill payment market."
According to a study by Killen & Associates, providing the
consumer with ways to easily make payments for repetitive bills, such
as utilities and credit cards, is the key to robust growth in home
banking. Killen estimates that banks' revenue streams attributable to
Internet-based billing, payment, and related financial services will
reach nearly $50 billion in 2000, and continue growing to more than
$155 billion by 2005.
About CheckFree
Founded in 1981, CheckFree (Nasdaq:CKFR.O)(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.
About nFront
Atlanta-based nFront, Inc. (NASDAQ:NFNT.O)(www.nfront.com) is a
leading Internet banking services company that enables small- to
mid-size financial institutions to process financial transactions with
their customers via bank-branded Web sites. nFront's comprehensive
outsourced service is a secure, reliable and scalable way to deliver
Internet banking, a key means of attracting and retaining profitable
customers. Exclusively endorsed by the American Bankers Association
(ABA) and winner of Microsoft's Best Internet Banking Solution Award,
nFront provides fully transactional Internet banking development and
implementation, Web site design, maintenance and hosting, customer
service training and support, and marketing consulting services.
This press release contains statements which may constitute
"forward-looking statements" within the meaning of the Securities Act
of 1933 and the Securities Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include
statements regarding the intent, belief or current expectations of
nFront, Inc. and members of its management as well as the assumptions
on which such statements are based. Prospective investors are
cautioned that any such forward-looking statements are not guarantees
of future performance and involve risks and uncertainties and that the
actual results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to
management that could cause actual results to differ materially from
those in forward-looking statements include fluctuation in operating
results, the ability to compete successfully and the ability to
effectively manage our rapid growth. Additional factors are set forth
in the Risk Factors section of our Registration Statement on Form S-1
and Form 10-K. The company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results.
--30--ys/at*
CONTACT: nFront, Inc.
Kelly Harviel, 770/209-4460, ext. 265
kharviel@banking.com
or
Ketchum Crescent for nFront
Ernie Buday, 404/287-2000, ext. 186
KEYWORD: GEORGIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS INTERNET NETWORKING
BANKING
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 |
