US bank Fifth Third is implementing technology from CheckFree to provide its corporate customers with an online, real-time processing system for the origination and receipt of electronic payments through the Automated Clearing House (ACH).
The vendor says its PEP+ product provides online access, risk management, multi-institutional processing, automated stop payments, automated scheduling, debit authorisation and protection, and automated settlement and returns.
Mary Jane Kelley, director of treasury management at the bank, says: "With the growing number of ACH transactions, Fifth Third needed a reliable, scalable platform to handle our volume today and serve as a foundation for future growth."
Fifth Third also uses CheckFree's cheque and deposit reconciliation system ARP/SMS and reconciliations software Frontier.
CheckFree claims that more than two-thirds of the 10 billion ACH payments in the US are currently processed using its PEP+ software.