Checkfree Corp (MM) (NASDAQ:CKFR)
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CheckFree Software Announces CheckFree Payee Verification(TM)
Providing Cost Savings for Financial Institutions and Their Customers
-- CheckFree Payee Verification Offers a Fraud Protection and Positive Pay
Solution That Increases Security and Reduces the Risk of Check Fraud --
SAN DIEGO, Nov. 9 /PRNewswire-FirstCall/ -- AFP Annual Conference Booth# 1613
-- CheckFree Software, a business of CheckFree Corporation (NASDAQ:CKFR), today
announced the availability of CheckFree Payee Verification at The Association
for Financial Professionals (AFP) 2004 annual conference. CheckFree Payee
Verification provides financial institutions with a new tool to protect against
check fraud and expands the positive pay services offered to their commercial
customers.
Industry organizations estimate check fraud costs companies millions of dollars
annually. For 35 years, CheckFree pioneered and innovated positive pay
solutions that matched a corporate customer's check issue file with a physical
check by using payment amount or check number. Now forgers have begun to alter
the payee name on a check to get stolen or duplicated checks processed. The new
CheckFree Payee Verification module can significantly reduce the risks to
financial institutions and their commercial customers by using image capture
technology to pull payee names off of check images.
Payee Verification is integrated with CheckFree's ARP/SMS (Account
Reconciliation Package/Service Management System), a check reconciliation and
positive pay solution. This new module is integrated with the CheckFree ARP/SMS
solution to provide additional fraud protection and positive pay services as
well as the ability to specifically reconcile and match the payee name. This
enhanced cash management/positive pay tool allows banks to identify altered or
unmatched payee paid exception items. If the results conclude the check has
been changed or added to, it is rejected as an exception and may be presented
to the company for a "pay" or "return" decision with no loss to the customer or
the bank.
"With CheckFree Payee Verification, check forgers will not be able to pass
checks that do not match bank and merchant data," said Denny Oswalt, senior
vice president, North American operations for CheckFree Software. "CheckFree
has added Payee Verification to our fraud protection suite of services to
protect a bank and its corporate customers and significantly reduce their
financial losses."
Product Availability
CheckFree Payee Verification is available as an add-on module to CheckFree's
ARP/SMS application beginning December 31, 2004.
About CheckFree ( http://www.checkfreecorp.com/ )
Founded in 1981, CheckFree Corporation provides financial electronic commerce
services and products to organizations around the world. CheckFree Electronic
Commerce solutions enable thousands of financial services providers and billers
to offer their customers the convenience of receiving and paying their
household bills online or in person through retail outlets. CheckFree
Investment Services provides a broad range of investment management solutions
and outsourced services to thousands of financial services organizations, which
manage more than $900 billion in assets. CheckFree Software develops, markets
and supports software applications that are used by financial institutions to
process more than two-thirds of the 10 billion Automated Clearing House
transactions in the United States. The division also provides reconciliation,
financial messaging, compliance and electronic billing and statement software
to thousands of organizations across the globe.
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,
2004 (filed September 3, 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
CONTACT: Media, Judy DeRango Wicks, +1-678-375-1595, or
, or Investor relations, Tina Moore, +1-678-375-1278, or
Web site: http://www.checkfreecorp.com/