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BACS EBPP Ltd Receives Support From HSBC and Lloyds TSB to Work
Actively in the UK to Deliver More Bills Online
LONDON and ATLANTA, July 30 /PRNewswire-FirstCall/ -- The joint venture from
BACS and CheckFree Corporation (NASDAQ:CKFR) has secured the participation of
HSBC and Lloyds TSB in its work to develop a service, which will provide
additional electronic bill presentment and payment functionality in the UK. The
service from BACS EBPP will provide an easy and integrated route for bills to
be viewed and paid through online bank sites, giving UK billers, such as
utilities, a suite of benefits that will provide the potential for cost savings
and improved customer service.
Martin Kearsley, managing director of the new company, said: "We have
undertaken independent research that shows billers who provide their customers
with online functionality can experience lower costs and faster payment. With
BACS' payments industry expertise and CheckFree's electronic billing
leadership, BACS EBPP will provide a reliable, secure and proven forum to
ensure billers and their customers can gain increasing value and convenience
from the online management of personal finances. We are delighted to be
actively working with both HSBC and Lloyds TSB on this development which will
benefit billers, banks and their customers."
Matthew Timms, head of Lloyds TSB Internet banking, commented on the decision
to support the establishment of the BACS EBPP service: "We are dedicated to
continuing the growth of our online channel and to constantly improving the
services we offer customers. The benefits for customers are clear - by giving
them the chance to pay and view their bills on one site we'll be making this
aspect of managing their finances simpler and speedier and this will pay
dividends for all involved. By working with BACS to deliver this service, we
can continue to meet the rapidly growing online demand for innovative banking
services."
As Internet banking continues to grow, this new service will streamline
personal finances by providing the ability to manage bills alongside an online
bank account, without the need for multiple passwords across different billers'
sites. Internet banking and online bill presentment and payment will also
reduce the likelihood of lost cheques or missed payments.
Pete Kight, chairman and chief executive officer, CheckFree Corporation,
concluded: "We have seen in other countries the significant benefits for
billers who adopt this model in terms of strengthened customer relationships
and billing operational efficiencies. We have also seen that once these
services are easily accessible, banking customers who view and pay bills online
at their trusted bank site rarely go back to their former less efficient
methods."
Marion King, CEO, BACS Ltd added: "Working with HSBC and Lloyds TSB is
encouraging for the future of our joint venture and a clear signal to billers
to get on board. Strengthening customer relationships, reducing the reliance on
paper bills while streamlining billing, accounts receivable and customer care
operations is a win-win situation for everyone."
Benefits to Participants
* Significant cost reductions for billers as the reliance on paper bills
decreases and automation of manual tasks occur
* Billing organisations will be able to strengthen customer relationships
via visibility, targeting interactive marketing messages through the
electronic bill, and by offering the convenience of remote access to
bills and statements
* Tight integration between billing operations, accounts receivable and
customer care systems within their operational environment will deliver
substantial cost savings
* Banks will be able to offer new levels of service and convenience to
consumers, who cite the ability to view and pay bills at a single site
as an increasingly critical component of their online banking
experience
* The frequency of bank-site visits will increase as consumers log-on
while automated access, time savings and availability offer the
individual greater control
* UK consumers will have the ability to both view and pay their bills at
their bank's website
About BACS ( http://www.bacslimited.co.uk/ )
* BACS Limited is one of the world's largest and most advanced automated
clearing houses driving the heart of the UK's financial systems,
responsible for processing Direct Debits and Direct Credit salary
payments.
* BACS processes over 4 billion financial transactions annually with more
than 64 million on a peak day in 2003.
* Around 50,000 businesses connect to the BACS service, including all of
the FTSE 100, while a further 60,000 businesses are indirect submitters
to BACS through a bureau.
* The use of BACS products and services has revolutionised the payments
industry and enables more companies than ever to realize the benefits
of making automated payments, including cost effectiveness,
reliability, convenience and ease of use.
* Over 90% of UK salaries are paid by Direct Credit.
About CheckFree ( http://www.checkfreecorp.com/ )
CheckFree (NASDAQ:CKFR) is a 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 March 31, 2004, more
than 13 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 22.5 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 nearly 1.5
million portfolios totaling more than $900 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), Quarterly Report on Form 10-Q for the quarter
ended September 30, 2003 (filed November 13, 2003), Quarterly Report on Form
10-Q for the quarter ended December 31, 2003 (filed February 12, 2004), and
Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 (filed May
14, 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.
DATASOURCE: CheckFree Corporation and BACS Limited
CONTACT: Media, Ana Bolitho of BACS Ltd, +0870-920-8625, or
; or Lisa Welsh of Band & Brown, +1-020-7419-7000, or
; or Media, Judy Wicks of CheckFree, +1-678-375-1595, or
, or Investors, Tina Moore, +1-678-375-1278, or
; or Media contact for CheckFree in the UK, Elaine
Graham, +1-00-44-1570-470706, or
Web site: http://www.checkfreecorp.com/
http://www.bacslimited.co.uk/