CheckFree Announces Expanded Mobile Banking and Payments Strategy
November 13 2007 - 9:00AM
PR Newswire (US)
ATLANTA and LAS VEGAS, Nov. 13 /PRNewswire-FirstCall/ -- BAI Retail
Delivery Conference Booth #2021 - CheckFree Corporation
(NASDAQ:CKFR) today announced its expanded OpenChannel strategy for
mobile banking and payments. CheckFree's expanded mobile strategy
is designed to support multiple technologies for delivering online
financial services via mobile devices, including microbrowser-based
wireless application protocol (WAP), text messaging (known as SMS
for short messaging service), and device-resident applications.
Financial institutions can choose from a full range of deployment
options, including hosted, software-based, hybrid and flexible
component models, to meet their specific needs. "CheckFree's
OpenChannel strategy for mobile banking and payments recognizes
that financial institutions need the flexibility to choose and
implement multiple technologies for the delivery of these
services," said Alex Hart, executive vice president and general
manager, CheckFree Electronic Banking Services Division. "We are
responding to our customers' needs for multiple technologies,
infrastructure solutions and professional services to help them
implement optimal mobile banking and payment solutions." Celent
LLC, a leading financial services information technology and
strategy research firm, estimates that 3 percent of all households
using online banking in 2007 will also use some form of mobile
banking. In 2010, this figure is estimated to rise to 30 percent,
the equivalent of 17 million households. "To determine the best
technology for mobile banking, Celent regards banks' needs for
ubiquity as the biggest driver of mobile banking technology
attractiveness. If banks are to build mobile banking channels and
derive associated benefits, all bank customers must have access to
this channel, not just those using certain mobile carriers or
owning particular handsets," said Red Gillen, senior analyst of
emerging technologies at Celent. "Given this, it is highly likely
that any successful mobile banking implementation will adopt a
hybrid model consisting of a minimum of two technologies-SMS plus
mobile browser, or SMS plus client application." Since November
2006, CheckFree's primary focus in the mobile channel has been on
the device-resident downloadable application, offered through a
strategic partnership with Firethorn Holdings, LLC
(http://www.firethornmobile.com/). America First Credit Union,
Arvest Bank, BancorpSouth, SunTrust Bank, Synovus, and Wachovia
Corp. are among the CheckFree customers that have announced their
selection of the device-resident approach. CheckFree has already
extended support for multiple mobile technologies by working with
one of the nation's top five financial institutions as part of a
WAP browser-based implementation. CheckFree provides the payment
processing infrastructure that enables the bank's customers to view
electronic bills and schedule and cancel payments using mobile
devices. About CheckFree (http://www.checkfreecorp.com/) Founded in
1981, CheckFree Corporation (NASDAQ:CKFR) provides financial
electronic commerce services and products to organizations around
the world. CheckFree Electronic Commerce solutions enable financial
services providers to offer the convenience of online banking, and
along with billers, to offer the convenience of receiving and
paying household bills online, via phone or in person through
retail outlets. CheckFree Investment Services provides a broad
range of investment management solutions and outsourced services to
hundreds of financial services organizations, which manage about
$1.8 trillion in assets. CheckFree Software develops, markets and
supports software applications that are used by financial
institutions to process more than 75 percent of the nearly 16
billion Automated Clearing House transactions in the United States.
The division also provides financial institutions and other
organizations with payment processing and consulting,
reconciliation and exception management, fraud and risk management,
cash and logistics management, and compliance software and
services. 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 Annual
Report on Form 10-K for the year ended June 30, 2007 (filed August
24, 2007), and Quarterly Report on Form 10-Q for the quarter ended
September 30, 2007 (filed November 7, 2007). 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 press release 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.
DATASOURCE: CheckFree Corporation CONTACT: Media, Sheryl Roehl,
+1-678-375-1682, saroehl@checkfree; Investor relations, Tina Moore,
+1-678-375-1278, , both of CheckFree Corporation Web site:
http://www.checkfreecorp.com/ http://www.firethornmobile.com/
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