Payment Processing, Inc. and CheckFree To Offer Web-Based, Electronic Funds Transfer Technology
-- Software Allows Merchants to Process Electronic Payments With the Click of a Mouse --
ATLANTA- (October 1, 2001) - CheckFree Corporation (NASDAQ: CKFR) and Payment Processing, Inc. (PPI), a leading provider of merchant transaction processing solutions for retail, mail order and e-commerce merchants, today announced a third party marketing agreement that enables PPI to offer electronic payment processing services through CheckFree EFT (Electronic Funds Transfer) technology. This relationship gives merchants much greater access to the cost and time saving benefits of conducting online business-to-business (B2B) payments.
PPI customers will be able to accelerate cash flow, increase the efficiency of their payment processes and streamline billing and collections. The service allows companies using PPI solutions to migrate toward paperless B2B payment transactions as an extension of their existing financial management solution. CheckFree EFT will enable companies to reduce the monthly paperwork associated with billing, mailing, processing checks, tracking late payments and resubmitting non-sufficient funds (NSF) payments.
"PPI customers are seeking more streamlined and efficient approaches to managing the electronic transfer of funds with business constituents," said Martin Hawke, vice president, Payment Processing, Inc. "CheckFree`s EFT technology allows our customers - traditional merchants - to conduct electronic payments with the click of a mouse. This translates into substantial cost savings and more efficiently managed business relationships."
The CheckFree e-Money ASP model is a Web-based product that allows subscribers to manage the movement of money through various accounts. When integrated with PPI`s custom ACH-compliant software, CheckFree`s EFT will enable B2B payment services for PPI customers in the United States. Because the solution is hosted at CheckFree, PPI has instant viewing access to the processing status of customer accounts.
"CheckFree is dedicated to making the payment process a more intuitive and rational endeavor for all companies that operate in today`s electronic-based economy," said Mark S. Johnson, senior vice president for CheckFree. "By bundling CheckFree`s EFT technology with PPI`s payment solutions offerings, a vast number of small to mid-size companies will be able to leverage the cost-efficiency and accuracy of electronic payments."
About Payment Processing, Inc.
Payment Processing, Inc. (PPI), www.paypros.com, headquartered at the north end of Silicon Valley in Fremont, California, is a leading provider of custom processing solutions for traditional merchants (retail, hospitality and service), mail/telephone order merchants and Internet merchants. PPI is a pioneer and leader in PC-based transaction processing. PPI provides custom payment processing solutions using best-of-breed technology partners to provide total transaction processing solutions. PPI is one of the top ten national providers in volume of credit card merchant accounts.
About CheckFree (www.checkfree.com)
CheckFree (NASDAQ: CKFR) is the leading provider of financial electronic commerce services and products. Founded in 1981 and celebrating its 20th year in e-commerce, CheckFree is comprised of three divisions: Electronic Commerce, Software, and Investment Services. CheckFree launched the first fully integrated electronic billing and payment solution in 1997. As of June 30, 2001, CheckFree`s Electronic Commerce division enabled more than 5.2 million consumers to receive and pay bills electronically. The company has multi-year contracts with 271 of the nation`s top billers to provide online billing and payment through more than 300 financial services organizations, including banks, brokerage firms, Internet portals and content sites and personal financial management (PFM) software. CheckFree Investment Services provides a broad range of investment management services to thousands of financial institutions nationwide. The division`s clients manage more than 1,150,000 portfolios totaling more than $500 billion in assets.
CheckFree`s Software division provides solutions through three operating units: CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions (CFACS), and CheckFree i-Solutions. CheckFree i-Solutions is the leading provider of e-billing and e-statement software and hosting services for both business-to-consumer and business-to-business applications, with more billers as clients than all of its competitors have combined. CheckFree ACH Solutions provides software and services that are used to process more than two-thirds of the nation`s six billion Automated Clearing House payments, while CFACS provides reconciliation and compliance software and services to more than 400 organizations in the banking, brokerage, utility, retail, insurance and credit card industries, among others.
Certain of the Company`s statements in this press release are not purely historical, and as such are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management`s intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company`s business, and other risks and uncertainties detailed from time to time in the Company`s periodic reports filed with the Securities and Exchange Commission, including the Company`s Form 10-K for the year ended June 30, 2000 (filed September 26, 2000), Form 10-Q for the quarter ended September 30, 2000 (filed November 14, 2000), and Form 10-Q for the quarter ended December 31, 2000 (filed February 13, 2001). One or more of these factors have affected, and could in the future affect, the Company`s business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.
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