The Suncorp Group Deploys CheckFree's Accurate NXG Solution for Enterprise- Wide Reconciliation, Exception Management and Workflow
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Single automated solution from CheckFree to consolidate and centralise reconciliations across The Suncorp Group's banking, insurance and wealth management divisions
ATLANTA, Nov. 28 -- CheckFree Corporation (NASDAQ:CKFR) today announced that The Suncorp Group, Australia's sixth- largest banking group, has expanded its enterprise-wide deployment of CheckFree's Accurate NXG(TM) solution to mitigate potential operational risk across its three major business lines. The Suncorp Group leveraged CheckFree's Applied Operational IntelligenceSM approach, first announced Oct. 6, for this straight-through processing (STP) project.
"CheckFree's Applied Operational Intelligence approach is helping The Suncorp Group to drive profitability and performance throughout our insurance, banking and wealth management divisions. Working closely with CheckFree as a strategic partner on the implementation of Accurate NXG has helped us improve our management of potential operational risk and rapidly achieved significant return on investment," said Anne Jackson, Acting Manager Accounting Operations, at The Suncorp Group. "Furthermore, the professionalism, enthusiasm and total commitment to service of the local CheckFree team have been major factors behind the success of this critically important project."
Accurate NXG has replaced a largely manual internal reconciliation process that spanned a number of different systems and business locations. With the fifth phase of the implementation, the solution is now used to manage over 200 separate reconciliations, with more than 300,000 diverse transactions. Additionally, The Suncorp Group is planning to quadruple the number of accounts that are reconciled using Accurate NXG.
The Suncorp Group is in the process of developing the Accurate NXG automated workflow processes to assist with the monitoring of outstanding items. Additional development is currently underway to provide a fully audited electronic sign off process per reconciliation, listing all outstanding items in dashboard, enabling supervisors to constantly monitor daily reconciliation positions and gain visibility on areas of potential operational risk.
"CheckFree has helped The Suncorp Group to rapidly deploy Accurate NXG to other parts of their business, resulting in a low total cost of ownership for a large enterprise-wide deployment," said Esther Pigg, vice president of global product management at CheckFree Software, "Our local presence in the Asia-Pacific market ensures that CheckFree can provide a superior level of service to customers in this important financial region."
CheckFree's Applied Operational Intelligence approach helps clients drive profitability and performance by combining innovative software, proven expertise and operational intelligence. 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 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 The Suncorp Group (www.suncorp.com)
The Suncorp Group is one of Australia's leaders in banking, insurance, and wealth management. The Group focuses on retail consumers and small to medium business. Suncorp-Metway Ltd is one of Australia's top 20 companies and is Queensland's biggest corporation with a market value of around $11.4 billion. The Suncorp Group is Australia's 6th largest bank and 4th biggest general insurance group, covering motor, home and content, workers compensation and commercial. The Group's acquisition of GIO and AMP's general insurance business increased the customer base and diversified the business mix with growth in commercial insurance and workers compensation. Customers have access to 172 Suncorp retail outlets, including branches and agencies and 56 business banking outlets, predominantly in Queensland. There are also 34 GIO agencies in NSW and Victoria.
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 the convenience of receiving and paying their household bills online, via phone 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 $1.5 trillion in assets. CheckFree Software develops, markets and supports payment processing solutions that are used by financial institutions to process more than two-thirds of the 14 billion Automated Clearing House transactions in the United States, and supports reconciliation, exception management, risk management, transaction process management, corporate actions processing and compliance within thousands of organizations worldwide.
Web sites: www.checkfreecorp.com
www.checkfreesoftware.com
www.suncorp.com
Source: CheckFree Corporation
CONTACT:
Judy DeRango Wicks,
Media relations,
+1-678-375-1595,
jdwicks@checkfree.com
