CheckFree Improves Bank Reporting With Positive Pay Accelerator

Today, corporate clients on the CheckFree ARP/SMS system use Controlled Disbursement Accounts to preview items prior to posting to their account. Using Controlled Disbursement Accounts coupled with the CheckFree Positive Pay Accelerator software module, banks can enhance positive pay reporting, and make account adjustments and return decisions prior to posting items to a client's account. These tighter controls are designed to enable more timely reporting and potentially error-free account statements and reconcilement.

"CheckFree is introducing the CheckFree Positive Pay Accelerator solution to enable financial institutions to provide more accurate, same-day information to meet the growing demands of their corporate clients," said Esther Pigg, vice president of global product management at CheckFree.

CheckFree Positive Pay Accelerator module is designed to assist financial institutions in reviewing, correcting and reporting positive pay exception items on the same day. Corporate clients can preview critical positive pay exceptions prior to posting and either make payment decisions on Day 1, prior to posting to their account, or take advantage of an extended reporting window until Day 2.

"Fifth Third Bank was seeking a solution to add value to our treasury management product portfolio for our corporate clients," said Jodi McIntosh, disbursements product manager for Fifth Third Bancorp. "CheckFree Positive Pay Accelerator module was the logical choice to leverage our existing CheckFree ARP/SMS system and enhance our ability to review, correct and report exceptions on the same day," said Georgette Cipolla, Fifth Third's director of product management and development. "Many of our corporate clients were seeking more sophisticated positive pay services and more accurate and detailed reporting, which led us to CheckFree's Positive Pay Accelerator product," Cipolla added.