CheckFree Corporation (Nasdaq: CKFR) announced today that it will deploy risk-based authentication technology from RSA, The Security Division of EMC, as part of its ongoing initiative to provide the most secure environment possible for consumers paying their bills online at financial websites.
CheckFree provides industry-leading electronic billing and payment services to millions of consumers through more than 2,000 financial institutions and other providers. For fiscal 2006, which ended June 30, 2006, CheckFree processed 1.13 billion transactions, representing 25 percent growth over the previous fiscal year.
CheckFree will implement RSA's risk-based authentication technology to provide financial institution and biller customers with additional layers of fraud detection and authentication security for their consumers accessing CheckFree's electronic billing and payment applications. CheckFree will run the RSA(R) authentication system with its own FraudNet(TM) offering, the world's only fraud engine specifically designed to detect and prevent fraudulent electronic bill payment transactions. In addition, CheckFree will utilize the RSA(R) eFraudNetwork(TM) community, RSA's anti-fraud repository.
"As a key component in CheckFree's Consumer Identity Protections Strategy, RSA provides strong user authentication that complements and extends our own fraud prevention and behind-the-scenes layered security controls," said Ed Sarama, vice president and chief security officer for CheckFree.
CheckFree is committed to implementing sophisticated, state-of-the-art security measures that achieve the highest standards of quality and operational excellence. CheckFree's Consumer Identity Protections Strategy consists of strong consumer authentication, proactive fraud prevention and patented security controls that operate in the background without impacting consumers' online experiences. Introduced in November 2005, CheckFree's FraudNet solution is an automated system that is helping leading financial institutions mitigate risk and combat fraud before it occurs, while making paying bills online even safer for consumers.
"We are delighted to partner with CheckFree to deliver enhanced levels of security to its customers," said Christopher Young, vice president and general manager, Consumer Solutions at RSA, The Security Division of EMC. "Our authentication solution is designed to fight today's online threats as well as tomorrow's, while allowing businesses and consumers to continue to enjoy and reap the benefits of the online channel."
RSA's risk-based authentication technology has been in use for more than 24 months by some of the largest banks in the United States and the United Kingdom, with more than $5 trillion in assets. The technology has proven to be effective, processing millions of transactions with an 80 percent fraud reduction rate and an unsurpassed false-positive ratio.
About CheckFree (http://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 the convenience of receiving and paying household bills online, via phone or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to hundreds of financial services organizations, which manage about $1.5 trillion in assets. CheckFree Software develops, markets and supports payment processing solutions that are used by financial institutions to process more than two-thirds of the 14 billion Automated Clearing House transactions in the United States, and supports reconciliation, exception management, risk management, transaction process management, corporate actions processing, and compliance within thousands of organizations worldwide.
RSA, The Security Division of EMC, is the expert in information-centric security, enabling the protection of information throughout its lifecycle. RSA enables customers to cost-effectively secure critical information assets and online identities wherever they live and at every step of the way, and manage security information and events to ease the burden of compliance.
RSA offers industry-leading solutions in identity assurance and access management, encryption, security information management and anti-fraud protection, bringing trust to millions of user identities, the transactions that they perform, and the data that is generated. For more information, please visit http://www.RSA.com and http://www.EMC.com
RSA and eFraudNetwork are registered trademarks or trademarks of RSA Security Inc. in the U.S. and/or other countries. EMC is a registered trademark of EMC Corporation. All other products and services mentioned are trademarks of their respective companies.
Certain of the Company's (CheckFree) statements in this press release are not purely historical, and as such are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management's intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended June 30, 2006 (filed September 8, 2006). One or more of these factors have affected, and could in the future affect the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this press release will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.