Data and Database Management Software
Rennies Bank Selects CheckFree to Replace Outdated Reconciliation and Exception Management Solution
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CheckFree's Accurate NXG to provide flexible reconciliation solution to improve efficiency and management reporting
ATLANTA and SYDNEY, Australia, Oct. 9 /Sibos Conference Booth L08 -- CheckFree Corporation (NASDAQ:CKFR) today announced that Rennies Bank, South Africa's leading specialist foreign exchange and trade finance bank, has selected CheckFree's Accurate NXG solution to help better manage potential operational risk across all nostro and internal accounts. This straight-through processing (STP) implementation is an example of how Rennies leverages CheckFree's Applied Operational Intelligence(SM) approach, first announced on October 9.
"The flexibility of Accurate NXG, combined with CheckFree's Applied Operational Intelligence approach, will help us gain control over our reconciliation and exception management processes, a key area of operational risk. CheckFree's solution is easy to use and deploy. It will enable us to improve management reporting, automate manual processes and save significant cost and time," said Jill Murtagh, director payments and settlements at Rennies Bank.
Accurate NXG will be used to reconcile growing volumes of transactions from a variety of data sources. These include nostro transactions resulting from foreign exchange deals along with transactions from Rennies' retail banking division, South African Rand bank accounts and internal control accounts.
Reconciliation and operational risk management are critical at Rennies. Reporting and sign off on outstanding items was previously done manually. Using Accurate NXG, Rennies will be able to immediately identify any exceptions or areas of potential risk and automatically escalate these items to the board level when necessary. Senior management at Rennies will also use the dashboard to electronically sign off all reconciliations, demonstrating compliance with defined operational control policies.
"CheckFree's experience in delivering reconciliation and exception management solutions in the South African market has demonstrated that Accurate NXG is the solution of choice for companies looking for a flexible solution that can be rolled out quickly and easily. Accurate NXG will help Rennies Bank to continue to support business growth and add further reconciliations while minimizing the need for additional information technology overhead," said Esther Pigg, vice president of global product management at CheckFree Software.
CheckFree's Applied Operational Intelligence 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.
Accurate NXG is deployed across a worldwide customer base, including some of the largest domestic and international banks, custodians, brokers and investment firms. For more information about Accurate NXG, visit www.checkfreesoftware.com.
About Rennies Bank (renniesbank.co.za)
Rennies Bank is 100% owned by Bidvest Group Limited, one of South Africa's leading diversified industrial companies. The Bank is currently rated A2 by CA Ratings. Rennies have been established in South Africa for over 100 years and have 60 branches countrywide. Committed, as it is, to best-of-class service and innovative products and services, the Bank has already garnered an excellent reputation in the specialized banking sector.
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 about $1.4 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 14 billion Automated Clearing House transactions in the United States. The division also provides operational risk management, financial messaging, corporate actions, and regulatory compliance software to more than 1,500 organizations across the globe.
Source: CheckFree Corporation
CONTACT: Media relations, Judy DeRango Wicks, +1-678-375-1595, or jdwicks@checkfree.com, or Investor relations, Tina Moore, +1-678-375-1278, or tmoore@checkfree.com, both of CheckFree Corporation
Web site: www.checkfreecorp.com/ www.checkfreesoftware.com/ http://renniesbank.co.za/
