KeyBank Selects Check Conversion Software from CheckFree

KeyBank has selected check conversion software from CheckFree Corporation to enable paper checks received at its lockbox or its clients receivable locations to be converted into Automated Clearing House (ACH) transactions.As the sixth-largest ACH originator in the country, KeyBanks introduction of the PEP+ reach software to its existing PEP+ ACH environment will most directly benefit its significant base of large corporate billers who use the Accounts Receivable Conversion (ARC) transaction type. The new software enables Key to provide those clients with receivables check conversion services, allowing for lower processing costs and a more efficient accounts receivables process. The PEP+ reACH solution will incorporate CheckFrees Financial Institution File (FIF), a database built with more than 20 years of actual transaction history from its bill payment service. CheckFrees bill payment reputation has been built on accuracy and high quality electronic payment processing. Adkins noted that because the rules governing the ARC process are NACHA initiatives, CheckFree proved to be the logical solution given their ACH software specialty and their aptitude for adherence with NACHA guidelines. The system also incorporates market-leading MICR parsing from LML Payments, a leading provider of check conversion technology.