People's Bank selects CheckFree Frontier for reconciliations

Source: CheckFree Software

CheckFree Software, a business of CheckFree Corporation (Nasdaq:CKFR), today announced that People's Bank has selected CheckFree Frontier, an enterprise-wide, scalable reconciliation solution.

People's Bank, one of Connecticut's largest independent banks, will use the software platform to automate and standardize reconciliations to deliver greater operational efficiency, speed transaction settlement, increase financial control, mitigate risk and reduce costs.

With more than 150 branches and 240 ATMs throughout Connecticut, People's Bank is a diversified financial services company providing commercial, consumer, insurance, trust and investment services. People's Bank will leverage CheckFree Frontier to manage reconciliations from a single hub for bank-wide reconciliation processing. The bank plans to initially deploy Frontier for its Federal Reserve Bank Processing, Correspondent Bank Processing (Due To/Due From Accounts) and ATM Accounts. CheckFree Frontier will automate process monitoring, exception workflow and resolution by consolidating the bank's current mainframe systems onto one enterprise-wide solution.

"People's Bank has been on the cutting edge of banking concepts and customer service for decades," said Randy McCoy, executive vice president and general manager of CheckFree Software. "Diversified banking firms, such as People's Bank, require centralized, enterprise solutions that standardize reconciliation management and business processes across operations. This standardization gives customers an elevated view of information to improve risk management and ensure efficient processes, which aligns with key business and banking strategies."

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