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

To: axp who wrote (20131)	9/17/2003 9:53:26 AM
From: StocksMan	Read Replies (1) \| Respond to of 20297

Huntington Bancshares Inc. Selects Lockbox Conversion Software from CheckFree Wednesday September 17, 9:30 am ET ATLANTA, Sept. 17 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced that Huntington Bancshares Incorporated (Nasdaq: HBAN - News; www.huntington.com ) has selected its PEP+ reACH(TM) software to enable conversion of paper checks received at its lockbox locations into Automated Clearing House (ACH) transactions. Huntington Bancshares is ranked among the top 50 largest ACH originators in the U.S. Huntington has been a CheckFree customer since 1988, utilizing the PEP+ software for ACH processing. The addition of PEP+ reACH to Huntington's existing PEP+ ACH environment will enable the bank to provide receivables check conversion services to corporate billers using the Accounts Receivable Conversion (ARC) transaction type. The bank currently processes in excess of 10 million retail lockbox items per month. "This check conversion software will enable us to offer our key corporate and retail customers the ability to automate conversion of checks received through our central lockbox processing sites," said Rick Dison, assistant vice president of Treasury Management for Huntington. "Utilizing the PEP+ reACH product for check conversion will eliminate the need for additional interfaces and custom code, and will reduce manual processes in the overall workflow." The PEP+ reACH solution will incorporate CheckFree's Financial Institution File (FIF), a database built with over 20 years of actual transaction history from the company's bill payment service. CheckFree has built its bill payment business and reputation on accuracy and quality in processing electronic payments. Adding the FIF component to the PEP+ reACH solution significantly increases the accuracy and parsing of transactions, resulting in reduced administrative returns. Among the advantages of PEP+ reACH to CheckFree's customers is that it is mainframe-based and fully integrated into the ACH process; thereby enhancing accuracy, efficiency and throughput, while maintaining the bank's existing settlement and risk management processes. This system also incorporates market-leading MICR parsing from LML Payments, a leading provider of check conversion technology, to significantly reduce administrative returns. According to Dison, "Since the rules governing the ARC process are NACHA initiatives, we determined that CheckFree was best suited both to meet our technical and operational needs while ensuring compliance with NACHA standards and guidelines." "PEP+ reACH provides banks such as Huntington with a solution that offers significant value for its corporate clients. By placing the MICR parsing and decisioning capability within ACH operations, the bank's customers gain value because the impact to their processes has been minimized," said Denny Oswalt, senior vice president and general manager of CheckFree ACH Solutions. "Equally important, PEP+ reACH allows the bank to offer an end-to-end solution and participate in its customers' current remittance processes, thereby strengthening relationships with key business clients." Huntington plans to roll out the new lockbox check conversion services to customers in 1st quarter of 2004. For more information, contact Chris Fulton at (317) 387-9267. . . biz.yahoo.com