|To: King David who wrote (20038)||4/25/2003 9:39:19 AM|
|From: StocksMan||Respond to of 20296|
|First PREMIER Bank Selects Lockbox Conversion Software From CheckFree|
Friday April 25, 9:30 am ET
ATLANTA, April 25 /PRNewswire-FirstCall/ -- CheckFree Corporation (Nasdaq: CKFR - News) today announced that First PREMIER Bank of Sioux Falls, South Dakota has selected its PEP+ reACH software to enable conversion of paper checks received at a centralized lockbox location into Automated Clearing House (ACH) transactions. First PREMIER Bank is ranked among the top 50 largest ACH originators in the United States.
First PREMIER Bank has been a CheckFree customer since 1999, utilizing the PEP+ software for ACH processing. The addition of PEP+ reACH to First PREMIER's existing PEP+ ACH environment will enable the bank to provide receivables check conversion services to corporate billers using the Accounts Receivable Conversion (ARC) transaction type. The bank currently processes in excess of 1.3 million retail lockbox items per month.
"We made the decision to convert from our existing PC-based check conversion solution to PEP+ reACH due to its seamless integration with our existing PEP+ ACH processing environment, the ease of deployment, and reduced investment costs" said Ron Buckhouse, vice president, Service Division of First PREMIER Bank. "The reliability of the PEP+ platform will ensure that we can successfully process current and future volumes of lockbox transactions without the need to develop a separate set of procedures and platforms."
The PEP+ reACH solution will incorporate CheckFree's Financial Institution File (FIF), a database built with over 20 years of actual transaction history from the company's bill payment service. CheckFree has built its bill payment business and reputation on accuracy and quality in processing electronic payments. Adding the FIF component to the PEP+ reACH solution significantly increases the accuracy and parsing of transactions, resulting in reduced administrative returns. . .