 |
1999 Press Releases
Business Relationship with
CheckFree Expands Electronic
Billing Services for Internet Banking Customers |
Contact:
Kelly Harviel
nFront, Inc.
770.209.4460, ext. 265
kharviel@banking.com
Ernie Buday
Ketchum Crescent for nFront
404.287.2000, ext. 186
ebuday@crescomm.com
nFront Announces Business Relationship with CheckFree to Expand Electronic Billing Services for Internet Banking Customers
-nFront moves to expand Internet banking through CheckFree by presenting bills electronically at banks' Web sites
ATLANTA, November 3, 1999 - nFrontTM, Inc. (NASDAQ: NFNT, www.nfront.com), a leading outsource provider of Internet banking services, today announced an agreement with CheckFree (NASDAQ: CKFR) that will enable electronic bills to be presented to a growing number of Internet banking users.
CheckFree pioneered electronic billing and payment (EBP) and launched the nation's first fully integrated market-proven EBP payment solution in 1997. With more than half of the nation's top 100 billers as its clients, CheckFree remains the leading provider of the technology.
nFront provides its bank customers the enabling technology and marketing support for comprehensive Internet banking services. In the first half of 2000, nFront will enable its bank customers to present electronic bills from CheckFree's billers --including leading telephone companies, utilities, mortgage companies and cable operators -- to Internet banking users.
When requested by consumers, billers will deliver the specified consumer bills electronically to nFront client banks via CheckFree. nFront enables customers to view and pay their bills -- which are displayed in color, with graphic bill representations, logos and billing details -- conveniently and securely on their desktop or portable computers.
"CheckFree is a leading player in the electronic billing and payment market," said Tripp Rackley, nFront chairman and CEO. "This business relationship brings CheckFree's technology and infrastructure to nFront's 200-plus financial institution clients, with more than $90 billion in combined deposit assets, so each can strengthen relationships with its Internet-active customers."
From its inception, nFront has become a leading provider of Internet banking services by forming alliances with key players, such as CheckFree, in the financial services industry. nFront currently offers 48 direct interfaces into core processing systems, more than any other provider of Internet banking services. In addition, nFront has exclusive partnerships with 15 companies that provide core processing services and eight companies that provide other services to financial institutions.
For example, nFront's business partnerships include BISYS®, a leader in bank core processing systems, and MindSpring®, a leading Internet service provider. These strategic partners, combined with the exclusive endorsement of the American Bankers Association (ABA), give nFront a strong, dynamic distribution channel in the small- to mid-size bank market.
"Electronic billing and payment is a primary application to retain Internet banking customers," said Lynn Busing, CheckFree Executive Vice President of Account Management. "nFront is a strong 'front end' distribution partner in expanding the role of the Internet in the small- to mid-size bank market."
"The emerging Internet bill presentment and payment market promises great economic benefits for consumers, billers and banks," said Gartner Group analyst Avivah Litan. "Banks must proactively lead their customers to their electronic bills or else risk losing a key online consumer interface as well as physical control -- and profits -- of the electronic bill payment market."
According to a study by Killen & Associates, providing the consumer with ways to easily make payments for repetitive bills, such as utilities and credit cards, is the key to robust growth in home banking. Killen estimates that banks' revenue streams attributable to Internet-based billing, payment, and related financial services will reach nearly $50 billion in 2000, and continue growing to more than $155 billion by 2005.
About CheckFree
Founded in 1981, CheckFree (NASDAQ: CKFR, www.checkfree.com), the operating subsidiary of CheckFree Holdings Corp., is the leading provider of financial electronic commerce services, software and related products. CheckFree designs, develops and markets services that enable nearly three million consumers to receive and pay bills over the Internet or electronically through a variety of bill aggregation points, including banks, brokerage firms, portals and interactive content sites on the Internet, and personal financial management (PFM) software. CheckFree's range of services and products are focused on enabling customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure Internet transactions.
About nFront
Atlanta-based nFront, Inc. (NASDAQ: NFNT, www.nfront.com) is a leading Internet banking services company that enables small to mid-size financial institutions to process financial transactions with their customers via bank-branded Web sites. nFront's comprehensive outsourced service is a secure, reliable and scalable way to deliver Internet banking, a key means of attracting and retaining profitable customers. Exclusively endorsed by the American Bankers Association (ABA) and winner of Microsoft's Best Internet Banking Solution Award, nFront provides fully transactional Internet banking development and implementation, Web site design, maintenance and hosting, customer service training and support, and marketing consulting services.
