Sovereign Bank reconciles commercial accounts with CheckFree

Sovereign Bank reconciles commercial accounts with CheckFree

Pennsylvania-based Sovereign Bank has selected CheckFree's ARP/SMS system for the reconciliation of its commercial accounts.

The system's integrated 'positive pay' module will enable the bank to detect cheque fraud by allowing corporate customers to authorise the payment of cheques.

Gregory Griswold, vice president, disbursement product manager, Sovereign, says: "We were especially attracted to the system's ability to offer fraud protection to both our business banking and large corporate banking customers."

Griswold adds that the system was implemented within 6 months.

CheckFree says it is working with the bank and its commercial account analysis vendor, Weiland Financial Group, to implement an integrated interface between their two systems, enabling the bank to streamline its billing activities.

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