Navy Federal Credit Union Offers Enhanced Web Bill Pay Service
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25-T Crossroad Dr. Suite 200
Owings Mills, MD, 21117
Press release date: July 18, 2005
VIENNA, Va., July 18/ -- Navy Federal Credit Union today announced that it has significantly enhanced its service for electronic billing and payment. The enhanced Web Bill Pay service is made available through the credit union's technology partnership with CheckFree Services Corporation, a subsidiary of CheckFree Corporation (NASDAQ:CKFR).
With the newest version of CheckFree Web(SM), Navy Federal's electronic billing and payment service offers members numerous convenient features to manage their bills and payments. The new features include a simplified single-point payment center with improved navigation, faster payment processing, and the availability of more payment information. In addition, consumers who pay bills electronically continue to be protected from unauthorized transactions or processing delays by the CheckFree Guarantee.
"We are pleased to offer our members this newly enhanced and more convenient Web Bill Pay product. The many enhancements, including improved ease-of-use and quicker payments, will help them minimize the time they spend organizing their finances and paying bills," said Deborah Guerin, Vice President, Electronic Services. "Navy Federal is committed to offering our members quality online services."
A recent survey by The Marketing Workshop, Inc. and Harris Interactive, sponsored by CheckFree, concluded that the most satisfied consumers are those who use a "consolidated" electronic billing and payment service, meaning that they pay all of their bills at one site versus a "biller direct" site. Consolidated site users report being better able to manage and organize their finances, saving time, and that they appreciate bill reminders that help them protect their credit scores by making payments on time.
With the enhanced Web Bill Pay service, Navy Federal Credit Union's members are experiencing:
Improved Ease-of-Use . Web Bill Pay is simple to navigate and use. The single-point bill management center enables members to access and manage all of their critical billing information in one easy-to-use screen for at-a- glance convenience. Members can quickly set up and manage electronic bills, make payments and view their payment history.
Faster Payments . Many payments can now be processed next-day or even the same day, and all payments will be processed within three to four business days. If paid the traditional way with checks via the mail, payments could take five to seven business days. CheckFree's relationships with thousands of billers and merchants, and the bill calendar technology included in CheckFree Web, enable bill payments to be scheduled and credited faster than ever before.
1-2-Free . Navy Federal has a "1-2-Free" pricing structure for Web Bill Pay. Web Bill Pay is free when the member makes at least three payments per month. A convenient and free service offering is a winning combination.
"Electronic billing and payment customers are more satisfied and have stronger relationships with their financial institutions of choice. We went a step further by creating a product with functionality that is a direct result of mainstream consumer demand," said Jeff Weikert, Consumer Service Provider Channel Executive, CheckFree Corporation. "By upgrading to CheckFree's newest platform, Navy Federal Credit Union is demonstrating its dedication to helping its members best manage their personal finances through secure, quality services."
Navy Federal is the largest credit union in the world with over $24 billion in assets and 2.5 million members. Navy Federal has 106 branch offices and 291 proprietary ATMs located worldwide. The credit union serves all the Department of the Navy (DON) military and civilian personnel, contractors who provide service to or work for DON on a regular basis, and their families. For additional information about Navy Federal, visit: http://www.navyfcu.org/.
About CheckFree (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 thousands of financial services providers and billers to offer their customers the convenience of receiving and paying their household bills online or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to thousands of financial services organizations, which manage more than $1 trillion in assets. CheckFree Software develops, markets and supports software applications that are used by financial institutions to process more than two-thirds of the 10 billion Automated Clearing House transactions in the United States. The division also provides global trade processing, reconciliation, financial messaging, compliance and electronic billing and statement software to hundreds of organizations across the globe.
Source: Navy Federal Credit Union
CONTACT: Susan Brooks of Navy Federal Credit Union, +1-703-206-3137, or Susan_Brooks@navyfederal.org ; or Judy DeRango Wicks of CheckFree Corporation, +1-678-375-1595, or firstname.lastname@example.org
Web site: http://www.checkfreecorp.com/