Fifth Third Bank Selects CheckFree(R) PEP+(R) For Scalable, Reliable Automated Clearing House Processing
Monday November 8, 9:00 am ET
-- With the addition of Fifth Third as a CheckFree PEP+ customer, CheckFree claims 20 of the top 25 ACH originators among its customer base --
ATLANTA, Nov. 8 /PRNewswire-FirstCall/ -- CheckFree Software, a division of CheckFree Corporation (Nasdaq: CKFR - News), today announced that Fifth Third Bank (Nasdaq: FITB - News) will deploy CheckFree PEP+ to provide a more efficient and customer-service-oriented Automated Clearing House (ACH) processing solution for its corporate customers. Fifth Third Bank, a leading financial services company, will use PEP+ to provide an online, real-time processing platform that enables the origination and receipt of electronic payments through the ACH.
Fifth Third Bank operates 17 affiliate banks with over 1,000 full-service banking centers and ATM operations in Ohio, Kentucky, Indiana, Michigan, Illinois, West Virginia, Florida and Tennessee. Fifth Third currently uses CheckFree ARP/SMS(TM), a real-time check and deposit reconciliation system and CheckFree Frontier(TM) reconciliations solution to drive operational efficiency, reduce costs and provide greater control over risk management. With both Frontier and PEP+, Fifth Third can better manage transaction volumes, increase efficiency and improve customer service.
"With the growing number of ACH transactions, Fifth Third needed a reliable, scalable platform to handle our volume today and serve as a foundation for future growth. PEP+ fit the bill," said Mary Jane Kelley, Director of Treasury Management at Fifth Third Bank. "Fifth Third continues to broaden its service offerings for our customers by expanding our relationship with CheckFree Software to provide quicker processing and an integrated solution."
CheckFree Software offers superior functionality, automating virtually every step in ACH processing, resulting in greater efficiency and customer service capability. Key PEP+ features include: online access and control for self-service and efficiency, risk management, multi-institutional processing, automated stop payments, automated scheduling, debit authorization and protection and automated settlement and returns.
"More than two-thirds of the nation's 10 billion ACH payments are currently processed using PEP+ software," said Denny Oswalt, Senior Vice President and General Manager of North American Operations for CheckFree Software. "By leveraging CheckFree Software's expertise in this area, a company, such as Fifth Third Bank, can realize improved flexibility, reliability and cost efficiency with its streamlined process. . ."
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