CKFR), today announced that Fifth Third Bank (Nasdaq: FITB) has implemented CheckFree's industry-leading payment solution as part of its strategy to expand its business services for corporate customers and maximize performance throughout its back-office operations.
The bank has implemented the CheckFree Positive Pay Accelerator(tm) module, building on its existing implementation of CheckFree ARP/SMS(tm) software. CheckFree's Positive Pay Accelerator will enable the bank to expand its innovative positive pay offerings to the corporate
marketplace and strengthen its treasury management business.
"Fifth Third leverages technology to help us extend new services to our customer base, while ensuring that we continue to manage risk and minimize fraud," said C. David Cook, senior vice president and director of Treasury Management Services. "Through our partnership with CheckFree, we have deployed the Positive Pay Accelerator solution to provide the scalability and flexibility we need in our treasury management operations to manage future growth."
Designed to accommodate growing transaction volumes, as well as emerging types of transactions such as ACH and image exchange, the solution enables Fifth Third to provide corporate clients with even earlier validation and detection of exception items. This solution will assist the Bank to achieve its goal of expanded fraud protection across all corporate payment types.
CheckFree Positive Pay Accelerator is a powerful enhancement to CheckFree ARP/SMS(tm) (Account Reconciliation Package/Service Management System), a comprehensive solution that helps reduce exposure to check fraud, streamline back-office operations and expand treasury management product offerings.
"The combination of CheckFree's Applied Operational IntelligenceSM approach and our industry-leading payment processing solutions helps our clients reduce the cost of servicing their customers and deliver innovative new services that drive revenue growth," said Esther Pigg,
vice president of global product management for CheckFree Software.
CheckFree's Applied Operational IntelligenceSM approach helps clients drive profitability and performance through a combination of innovative software, industry expertise and collaborative partnership. This approach is built on CheckFree's core competencies of reconciliation, exception management, transaction process management, corporate actions processing, payments processing, risk management and compliance. The Applied Operational Intelligence approach is expressly designed to manage risk and efficiency, while leveraging valuable 'operational intelligence' to achieve measurable return on investment.