CheckFree e-Check Bridge is a software module that links two industry-leading bank operation solutions, CheckFree PEP+ and CheckFree ARP/SMS. The new software module ensures that converted corporate checks do not bypass the existing positive pay process in the paper check processing environment. By comparing original check information to the electronic transaction, e-Check Bridge mitigates risk around corporate check conversion by bridging the gap between the Automated Clearinghouse (ACH) processing platform and the check reconcilement and positive pay fraud detection systems in a corporate banking environment.

First Tennessee has also selected the new CheckFree Payee Verification module to extend the capabilities of its existing CheckFree ARP/SMS implementation to add enhanced positive pay protection for the bank's commercial customers. CheckFree pioneered positive pay solutions that match a corporate customer's check issue file with a physical check by using payment amount or check number. The CheckFree Payee Verification module allows banks to identify altered payee names on checks by reconciling and matching the payee name to a corporate issue file. 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. As a result, First Tennessee can significantly mitigate risk for the bank and its commercial customers.

"For First Tennessee, CheckFree's solutions give us treasury management services that are critical for our customers, and we will be among the first financial institutions to deliver these enhanced risk mitigation services to our clients," said Karen Doyle, Vice President, Treasury Management Services, First Tennessee. "We're always looking for innovative ways to offer value to our customers and potential customers, and this partnership is one more way we can do that."

"CheckFree Software extends its core software platforms to address issues that face financial institutions and their corporate clients," said Randy McCoy, Executive Vice President and General Manager of CheckFree Software. "There is a need to address real-world operational and process implications of the rapid growth in ARC, and our solutions assist banks, such as First Tennessee, in fortifying positive pay processes."