KeyBank Selects Check Conversion Software To Maximize Biller Experience

KeyBank Selects Check Conversion Software To Maximize Biller Experience
CheckFree's integrated ARC solution provides multitude of benefits 


CLEVELAND, Nov. 12  /PRNewswire-FirstCall/ -- KeyBank announced today that it
has selected check conversion software from CheckFree Corporation  to enable
paper checks received at its lockbox or its clients' receivable locations to be
converted into Automated Clearing House (ACH) transactions.

As the sixth-largest ACH originator in the country, KeyBank's introduction of
the PEP+ reach(TM) software to its existing PEP+ ACH environment will most
directly benefit its significant base of large corporate billers who use the
Accounts Receivable Conversion (ARC) transaction type. The new software enables
Key to provide those clients with receivables check conversion services,
allowing for lower processing costs and a more efficient accounts receivables
process.

"Early adopters of ARC are realizing significant benefits, including accelerated
collection and return processes, and quicker notification," said Christine
Adkins, vice president and senior ePayments product manager. "For instance,
billers cannot confirm check returns until the paper check is physically
returned to the originating bank," she said. "With ACH processing of an ARC
payment, the originating bank -- and therefore, the biller -- will now be
guaranteed the return information within two days of the payment settling."

The PEP+ reACH solution will incorporate CheckFree's Financial Institution File
(FIF), a database built with more than 20 years of actual transaction history
from its bill payment service. CheckFree's bill payment reputation has been
built on accuracy and high quality electronic payment processing.  "Key has a
long-standing ACH relationship with CheckFree," said Adkins.  "The PEP+ reACH
solution allows clients to utilize a seamless, integrated ACH program that will
significantly increase transaction accuracy and parsing." The result? Increased
convertible transactions and lower administrative returns -- true
differentiators of a quality ARC program, she said.

Adkins noted that because the rules governing the ARC process are NACHA
initiatives, CheckFree proved to be the logical solution given their ACH
software specialty and their aptitude for adherence with NACHA guidelines. The
system also incorporates market-leading MICR parsing from LML Payments, a
leading provider of check conversion technology.

"PEP+ reACH provides KeyBank's clients with a significant processing advantage,"
said Denny Oswalt, senior vice president and general manager of CheckFree ACH
Solutions. "Placing the MICR parsing and decision capability within ACH
operations, customers see the real-time benefits of minimizing the impact to
their processes," he said.

About CheckFree ( http://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'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.

CheckFree is exhibiting at the 24th Annual AFP Conference. For more information,
please visit Booth #101 or http://www.checkfreecorp.com/ .

About Key

Cleveland-based KeyCorp (NYSE:KEY) is one of the nation's largest bank- based
financial services companies, with assets of approximately $84 billion. Key
companies provide investment management, retail and commercial banking, consumer
finance, and investment banking products and services to individuals and
companies throughout the United States and, for certain businesses,
internationally.  The company's businesses deliver their products and services
through KeyCenters and offices; a network of nearly 2,200 ATMs; telephone
banking centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides
account access and financial products 24 hours a day. 

DATASOURCE: KeyCorp



CONTACT: Kate Reidy of KeyCorp, [phone], or





Web site:  http://www.key.com/

http://www.key.com/newsroom

http://www.checkfreecorp.com/ 

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