CheckFree launches Positive Pay Accelerator; signs Fifth Third Bank and US Central

CheckFree Positive Pay Accelerator enables financial institutions to improve operational efficiency, speed detection of fraud and provide corporate clients with the ability to prevent fraudulent payments.

Today, corporate clients on the CheckFree ARP/SMS system use Controlled Disbursement Accounts to preview items prior to posting to their account. Using Controlled Disbursement Accounts coupled with the CheckFree Positive Pay Accelerator software module, banks can enhance positive pay reporting, and make account adjustments and return decisions prior to posting items to a client's account. These tighter controls are designed to enable more timely reporting and potentially error-free account statements and reconcilement.

"CheckFree is introducing the CheckFree Positive Pay Accelerator solution to enable financial institutions to provide more accurate, same-day information to meet the growing demands of their corporate clients," said Esther Pigg, vice president of global product management at CheckFree.

CheckFree Positive Pay Accelerator module is designed to assist financial institutions in reviewing, correcting and reporting positive pay exception items on the same day. Corporate clients can preview critical positive pay exceptions prior to posting and either make payment decisions on Day 1, prior to posting to their account, or take advantage of an extended reporting window until Day 2.

"Fifth Third Bank was seeking a solution to add value to our treasury management product portfolio for our corporate clients," said Jodi McIntosh, disbursements product manager for Fifth Third Bancorp. "CheckFree Positive Pay Accelerator module was the logical choice to leverage our existing CheckFree ARP/SMS system and enhance our ability to review, correct and report exceptions on the same day," said Georgette Cipolla, Fifth Third's director of product management and development. "Many of our corporate clients were seeking more sophisticated positive pay services and more accurate and detailed reporting, which led us to CheckFree's Positive Pay Accelerator product," Cipolla added.

Separately, CheckFree Corporation (Nasdaq: CKFR) has been selected by U.S. Central, the only wholesale corporate credit union in the United States, to implement the CheckFree PEP+ Platinum solution. The strategic software and services deployment will enable the industry to continue to grow and aggregate Automated Clearing House (ACH) volumes and deliver enhanced services to its corporate user base.

With this deployment, eight of the nation's 10 largest ACH receiving institutions will be processing ACH transactions via CheckFree's technology. Recognized as the de facto industry standard, CheckFree PEP+ Platinum delivers an easily integrated, online, real-time ACH system that enables origination and receipt of electronic payments. The system replaces inefficient, manual processes, while automating edits and providing secure online access to the ACH network. CheckFree PEP+ offers superior functionality, increasing efficiency at virtually every step in ACH processing, resulting in greater ability to manage complexity and customer service.

Leveraging the CheckFree solution, U.S. Central will improve its competitive capabilities through a true service bureau service offering, allowing its corporate credit union members wider access to features and functionality critical in their marketplaces. U.S. Central will achieve greater operational efficiency of its existing ACH processing, as well as set the stage for growing ACH origination services.

U.S. Central will link its existing self-service web access tool to CheckFree's PEP+ software to increase efficiency and leverage the PEP+ software's exceptional capacity for ever-increasing transaction volumes. In addition to providing consultancy for the initial implementation, CheckFree's experienced ACH professional services team will provide the organization with an ongoing outsourced technology support service.

Marcie Haitema, executive vice president of correspondent services at U.S. Central, said, "CheckFree is the leader in ACH technology, making it the logical choice when U.S. Central evaluated the options for upgrading our ACH technology. As a high-volume ACH receiver with growing demands on our infrastructure, we needed an adaptable solution that could grow with our business. CheckFree is delivering a scalable, flexible technology and supporting it with a world-class team of ACH professionals."

Esther Pigg, vice president of global product management at CheckFree, said, "CheckFree is delighted to welcome U.S. Central as a valued new client. Backed by the value of our experience in processing more than two-thirds of the nation's ACH transactions, we are confident that CheckFree PEP+ Platinum will meet the high-volume needs of this leading ACH receiver. Our technology offers peace of mind to ACH providers, enabling organizations to concentrate on providing a superior services experience for their customers."