CheckFree (Nasdaq: CKFR) today announced that Degussa Bank GmbH, the German bank owned
by ING-DiBa, the direct banking subsidiary of Dutch ING Group NV, has selected
CheckFree's Accurate NXG(TM) to automate its cash, securities and commission
account reconciliations. CheckFree's Operational Risk Management solution will
increase the efficiency of the bank's reconciliations process, enabling it to
potentially manage operational risk more effectively.
Built on the four core competencies of reconciliation, exception management,
workflow and business intelligence, CheckFree's Accurate NXG will be deployed in
Degussa Bank's headquarters in Frankfurt, Germany. The solution will automate a
previously manual reconciliations process that was proving time-consuming and
costly. By using a single reconciliation platform from CheckFree, Degussa Bank
will ensure data integrity and efficiency across its various transaction types,
thereby reducing potential risk throughout the organisation.
With the CheckFree solution, Degussa Bank will improve the investigation and
resolution of transaction errors, and ultimately reduce the incidence of errors
in the future. CheckFree's Accurate NXG is optimised for reconciliation
processing, through multiple match rules, as well as advanced data repair and
enrichment capabilities. The solution also drives business reporting to deliver
analysis and solid metrics to senior management to improve risk management.
Dirk Van de Velde, vice president, continental Europe at CheckFree Software,
said, "Degussa Bank is a key addition to our client portfolio in Europe and
reinforces our growing reputation in the German financial services industry. By
replacing largely manual processing with our solution, Degussa Bank will not
only increase processing efficiencies, but will also free up existing staff to
perform more value-added analysis, enabling operational risk to be managed more
About Degussa Bank (www.degussa-bank.de)
Degussa Bank is a 100% owned subsidiary of ING-DiBa AG and is part of the ING
Group. A member of the Association of German Banks, Degussa's roots go back to a
precious metal separating business.
Specialising in worksite banking for private customers, Degussa Bank offers a
large variety of services including investment banking, securities business,
personal loans, home loans, telephone banking and internet banking.
Degussa Bank is located at industrial, business and technology parks as well
as large companies such as BASF, DEA Mineraloel AG, DuPont de Nemours, Henkel
KgaA, Industriepark Hochst, Lurgi AG, Lufthansa AG, Fraport AG, Opel AG, Bayer
AG and Siemens AG.
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 $1.3 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 12 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