KeyBank Selects Check Conversion Software To Maximize Biller Experience
November 12 2003 - 11:27AM
PR Newswire (US)
KeyBank Selects Check Conversion Software To Maximize Biller
Experience CheckFree's integrated ARC solution provides multitude
of benefits CLEVELAND, Nov. 12 /PRNewswire-FirstCall/ -- KeyBank
announced today that it has selected check conversion software from
CheckFree Corporation to enable paper checks received at its
lockbox or its clients' receivable locations to be converted into
Automated Clearing House (ACH) transactions. As the sixth-largest
ACH originator in the country, KeyBank's introduction of the PEP+
reach(TM) software to its existing PEP+ ACH environment will most
directly benefit its significant base of large corporate billers
who use the Accounts Receivable Conversion (ARC) transaction type.
The new software enables Key to provide those clients with
receivables check conversion services, allowing for lower
processing costs and a more efficient accounts receivables process.
"Early adopters of ARC are realizing significant benefits,
including accelerated collection and return processes, and quicker
notification," said Christine Adkins, vice president and senior
ePayments product manager. "For instance, billers cannot confirm
check returns until the paper check is physically returned to the
originating bank," she said. "With ACH processing of an ARC
payment, the originating bank -- and therefore, the biller -- will
now be guaranteed the return information within two days of the
payment settling." The PEP+ reACH solution will incorporate
CheckFree's Financial Institution File (FIF), a database built with
more than 20 years of actual transaction history from its bill
payment service. CheckFree's bill payment reputation has been built
on accuracy and high quality electronic payment processing. "Key
has a long-standing ACH relationship with CheckFree," said Adkins.
"The PEP+ reACH solution allows clients to utilize a seamless,
integrated ACH program that will significantly increase transaction
accuracy and parsing." The result? Increased convertible
transactions and lower administrative returns -- true
differentiators of a quality ARC program, she said. Adkins noted
that because the rules governing the ARC process are NACHA
initiatives, CheckFree proved to be the logical solution given
their ACH software specialty and their aptitude for adherence with
NACHA guidelines. The system also incorporates market-leading MICR
parsing from LML Payments, a leading provider of check conversion
technology. "PEP+ reACH provides KeyBank's clients with a
significant processing advantage," said Denny Oswalt, senior vice
president and general manager of CheckFree ACH Solutions. "Placing
the MICR parsing and decision capability within ACH operations,
customers see the real-time benefits of minimizing the impact to
their processes," he said. About CheckFree (
http://www.checkfreecorp.com/ ) CheckFree (NASDAQ:CKFR) is the
leading provider of financial electronic commerce services and
products. Founded in 1981 and celebrating its 23rd year in
e-commerce, CheckFree is comprised of three divisions: Electronic
Commerce, Software, and Investment Services. CheckFree's Software
division provides solutions through three operating units:
CheckFree ACH Solutions, CheckFree Financial and Compliance
Solutions (CFACS), and CheckFree i-Solutions. CheckFree ACH
Solutions provides software and services that are used to process
more than two-thirds of the nation's nine billion Automated
Clearing House payments. CheckFree is exhibiting at the 24th Annual
AFP Conference. For more information, please visit Booth #101 or
http://www.checkfreecorp.com/ . About Key Cleveland-based KeyCorp
(NYSE:KEY) is one of the nation's largest bank- based financial
services companies, with assets of approximately $84 billion. Key
companies provide investment management, retail and commercial
banking, consumer finance, and investment banking products and
services to individuals and companies throughout the United States
and, for certain businesses, internationally. The company's
businesses deliver their products and services through KeyCenters
and offices; a network of nearly 2,200 ATMs; telephone banking
centers (1.800.KEY2YOU); and a Web site, Key.com(R), that provides
account access and financial products 24 hours a day. DATASOURCE:
KeyCorp CONTACT: Kate Reidy of KeyCorp, +1-216-689-4250, or Web
site: http://www.key.com/ http://www.key.com/newsroom
http://www.checkfreecorp.com/
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