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CheckFree and NationsBank Announce Expanded ACH System Support Agreement

Strategic Insights

— 1 min read

CheckFree, a leading provider of electronic commerce services, has entered into a two-year agreement with NationsBank, the fifth largest originator of ACH transactions, to provide expanded ACH system support. Under this agreement, CheckFree will maintain on-site specialists at NationsBank's ACH processing centers and provide ongoing system support, including Year 2000 and NACHA compliance. This partnership enables NationsBank to focus on enhancing customer service, expanding into new markets, and increasing revenue potential.

Key Takeaways:

  • CheckFree will provide ongoing system support for NationsBank's ACH system, including Year 2000 and NACHA compliance.
  • The agreement will enable NationsBank to focus on customer service, market expansion, and revenue growth.
  • CheckFree's PEP+ software is used by 81 of the nation's top 100 banks to conduct over two-thirds of all ACH transactions.
  • NationsBank is the third-largest U.S. bank with total assets of $315 billion.
  • CheckFree's agreement with NationsBank marks the fifth largest ACH originator to partner with the company.

Statistics:

  • CheckFree provides ACH system support to 81 of the nation's top 100 banks.
  • NationsBank has used CheckFree's PEP+ ACH processing platform since 1986.
  • CheckFree's software enables the processing of over two-thirds of all ACH transactions in the US.
  • NationsBank has a total of $315 billion in assets.
  • CheckFree has a customer base of 2.25 million consumers, 1,000 businesses, and 850 financial institutions.

Sources:

  • PRNewswire: "CheckFree and NationsBank Announce Expanded ACH System Support Agreement"
  • American Banker survey: "ACH Originators"
  • NationsBank Corporation: Financial products and services provided
  • CheckFree Corporation: History and mission statement

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