(PR NEWSWIRE)CheckFree and Wausau Offer Electronic Check Conversion Solution to Remittance Processing Customers
-- CheckFree ACH Solutions and Wausau Financial Systems providing ARC Check
Conversion services today to billers --
ATLANTA, MOSINEE, Wis., and SEATTLE, March 23 /PRNewswire-FirstCall/ --
Payments 2004 Booth 900 -- CheckFree ACH Solutions, a business unit of
CheckFree Corporation (Nasdaq: CKFR), and Wausau Financial Systems (WFS), a
leading provider of payment processing solutions, today announced that the
companies have integrated CheckFree's accounts receivable conversion (ARC)
software solution, PEP+ reACH(TM), with WFS' ImageRPS remittance platform to
provide ARC services to WFS' billing customers.
WFS has been building its leadership position for remittance processing
solutions for more than 10 years. Over the past four years, WFS has seen
customer interest in check conversion implementations rise dramatically. In
order to meet this growing demand, WFS leveraged their experience as the first
remittance solution vendor to implement an ARC solution. The WFS software
platform processed the first live ARC transactions in the United States and
has originated nearly 50 percent of all ARCs since its inception in March
2002.
"Wausau Financial Systems strives to anticipate the evolving payment
processing needs of our customers, and ARC is a payment technology that is top
of mind for our clients," stated Dave LeBeau, EVP of Marketing and Product
Development with WFS. "With this initiative, many of our large billing
customers have realized the benefits that ARC provides. The relationship with
CheckFree is helping us move the market forward with a high-quality solution
built on CheckFree's advanced decision logic, optimized processing models and
full-service conversion management and exception handling. And through future
reseller and referral efforts, the stage has been set for additional partner
endeavors -- providing customers with a true total clearing solution."
CheckFree leverages more than 20 years of electronic bill payment
experience with its PEP+ reACH ARC solution. At the core of this solution is
CheckFree's Financial Institution File (FIF) for ARC eligibility and
conversion processes. For more than two decades, consumers have sent voided
checks to CheckFree as source information for generating payments primarily to
billers where the ACH was the preferred method for remittance clearing. The
ARC process flow parallels the same general process as electronic bill
payment. As a result of the CheckFree Financial Institution File, billers can
operate at the highest levels of efficiencies for ARC conversion by maximizing
the total number of eligible items converted and minimizing the number of
returns due to administrative reasons.
"Wausau Financial Systems represents the type of industry leader that will
enable CheckFree to drive the continued adoption of ARC services for billing
organizations," said Denny Oswalt, Senior Vice President and General Manager
of CheckFree's ACH Solutions Group. "With WFS' leadership in remittance
processing, we see a unique opportunity to provide an even greater value to
those billers who are already using ARC or are planning to implement a
solution. This value is derived from the high precision and quality that our
transaction intelligence database delivers, along with advanced collection
schedules through our hosted ARC processing model."
With the development already completed, both companies report that billers
are already in the implementation phase with the joint solution. This
integration of solutions will expedite the installation for billers, allowing
them to reap the benefits sooner. This speed-to-market is important in light
of recent changes in payment strategies, since ARC provides a proven solution
that can jump start a company's check electronification strategy today.
About Wausau Financial Systems ( www.wausaufs.com )
Wausau Financial Systems (WFS) is the recognized leader in the development
and implementation of knowledge-based products for the payment and transaction
processing industry. WFS provides transaction-processing applications for all
size companies ranging from Fortune 500 corporations to independent local
financial institutions and commercial businesses worldwide. In addition to
software and hardware options, the company offers comprehensive training,
consultation, international image solutions, a unique associate reseller
channel, 24-hour customer support, consumable supplies, and a 100%
satisfaction guarantee. Currently, WFS employs nearly 400 associates
supporting over 650 customer sites worldwide.
About CheckFree ( www.checkfreecorp.com )
CheckFree (Nasdaq: CKFR) is the leading provider of financial electronic
commerce services and products. Founded in 1981 and celebrating its 23rd year
in e-commerce, CheckFree is comprised of three divisions: Electronic Commerce,
Software, and Investment Services. CheckFree launched the first fully
integrated electronic billing and payment solution in 1997. In the quarter
ended December 31, 2003, more than 12 million consumers initiated online
payments through services offered by CheckFree's Electronic Commerce division.
Electronic billing and payment is available through more than a thousand
financial services organizations, including banks, brokerage firms, Internet
portals and personal financial management (PFM) software. At these sites,
consumers are able to electronically receive and pay essentially all the bills
most common to a U.S. household. CheckFree delivers 18.5 million e-bills each
quarter. CheckFree Investment Services provides a broad range of investment
management services to thousands of financial institutions nationwide. The
division's clients manage more than 1.4 million portfolios totaling more than
$700 billion in assets. CheckFree's Software division provides solutions
through three operating units: CheckFree ACH Solutions, CheckFree Financial
and Compliance Solutions (CFACS), and CheckFree i-Solutions. CheckFree ACH
Solutions provides software and services that are used to process more than
two-thirds of the nation's nine billion Automated Clearing House payments,
while CFACS provides reconciliation, financial messaging, workflow and
compliance software and services to more than 600 organizations in the
banking, brokerage, investment management, insurance and credit card
industries, among others. CheckFree i-Solutions is the leading provider of e-
billing and e-statement software and services for both business-to-consumer
and business-to-business applications.
Certain of CheckFree'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 CheckFree's
business, and other risks and uncertainties detailed from time to time in
CheckFree's periodic reports filed with the Securities and Exchange
Commission, including CheckFree's Annual Report on Form 10-K for the year
ended June 30, 2003 (filed September 15, 2003), and Quarterly Report on Form
10-Q for the quarter ended September 30, 2003 (filed November 13, 2003) and
Form 10-Q for the quarter ended December 31, 2003 (filed February 12, 2004).
One or more of these factors have affected, and could in the future affect
CheckFree'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 press release
will prove to be accurate, and issuance of such forward-looking statements
should not be regarded as a representation by CheckFree, or any other person,
that the objectives and plans of CheckFree will be achieved. All forward-
looking statements made in this press release are based on information
presently available to management, and CheckFree assumes no obligation to
update any forward-looking statements.
SOURCE CheckFree Corporation
-0- 03/23/2004
/CONTACT: Media, Judy DeRango Wicks, +1-678-375-1595, or
jdwicks@checkfree.com, or Investor relations, Tina Moore, +1-678-375-1278, or
tmoore@checkfree.com, both of CheckFree Corporation; or Amy Zondlo of Wausau
Financial Systems, +1-715-241-2335, or azondlo@wausaufs.com/
/Company News On-Call: prnewswire.com
/Web site: checkfreecorp.com
(CKFR)
CO: CheckFree ACH Solutions; Wausau Financial Systems
ST: Georgia
IN: CPR ECM ITE MLM
SU: TDS
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