CheckFree Supports ACH Globalization with PEP+ Software Platform

CheckFree ACH Solutions has successfully developed and implemented enhancements to its PEP+ system, that will allow financial institutions to originate and receive international payments through the Federal Reserves new international services.Earlier this year, the Federal Reserve announced that it would support the origination and receipt of credit items between the United States and select European countries beginning November 3, 2003. The Federal Reserves service, called the Transatlantic LPI (Limited Production Implementation), will enable ACH transactions to be processed between U.S. banks and financial institutions in Austria, Germany, the Netherlands, Switzerland and the United Kingdom. A similar service is currently planned for late 2004 that will enable payments to be processed to and from Mexico. By implementing this solution, account holders at banks that use this enhancement will be able to originate and receive credit transactions with countries that are participating in the Transatlantic LPI. This process will play an increasing role as businesses and consumers look for more economic and efficient means to pay for goods and services overseas.