ATLANTA, March 12, 2002 — CheckFree announced that Progress Energy Inc. has selected CheckFree RECON-Plus for Windows to automate the reconciliation of various bank accounts across multiple companies.
The system streamlines the reconciliation process for any organization by automatically balancing accounts and is uniquely designed to tailor the automated reconciliation process to meet an organization’s specific operational requirements.
Prior to implementing the system, Progress Energy manually reconciled financial data for numerous accounts across multiple companies. The acquisition of Florida Progress Corporation (FPC) added a number of accounts to the process without additional resources. This event necessitated a new systematic approach to the reconciliation process in order to complete processing in a timely manner.
Now, with RECON-Plus for Windows, the accounting department is importing data into the system, which then automatically matches, reconciles and reports financial information throughout the enterprise and provides online access to authorized users. This automation improves accuracy and allows existing staff to focus on more essential functions.
“CheckFree’s RECON-Plus for Windows allows our organization to streamline our reconciliation processes with a single enterprise-wide platform,” said Beth Bailey-Myers, Controller CP&L, Progress Energy Services Company. “We selected the system because of its ease-of-use and CheckFree’s 30 years of expertise in proven reconciliation systems.”
“The business of the back office is changing rapidly — for the better. Increasingly today’s initiatives focus on processing and automation to control operational risks and deliver new levels of efficiency, accuracy and cost effectiveness,” said Mark Zill, senior vice president and general manager, CheckFree Financial and Compliance Solutions. “RECON-Plus for Windows offers automated tools to meet these demands, so that industry leaders such Progress Energy can meet today’s business goals and remain prepared for future market challenges and opportunities.”
About Progress Energy
Progress Energy is a Fortune 250 diversified holding company headquartered in Raleigh, N.C., with more than 20,000 megawatts of generation capacity and $8 billion in annual revenues. The company’s diverse portfolio includes two major electric utility companies, CP&L and Florida Power, as well as NCNG, Progress Rail, Progress Telecom and Progress Ventures, which manages the company’s non-regulated energy operations including fuel extraction, manufacturing and delivery; merchant generation; and energy marketing and trading. These companies serve 2.9 million customers across the Southeast, providing electricity, natural gas, energy services and broadband capacity. For more information about Progress Energy, visit the company’s Web site at http://www.progress-energy.com/ .
About CheckFree (www.checkfree.com )
CheckFree is a provider of financial electronic commerce services and products. Founded in 1981 and celebrating its 21st year in e-commerce, CheckFree is comprised of three divisions: Electronic Commerce, Software, and Investment Services. CheckFree launched the first fully integrated electronic billing and payment solution in 1997. As of December 31, 2001, CheckFree’s Electronic Commerce division enabled 5.9 million consumers to receive and pay bills electronically.
The company has multi-year contracts with 244 of the nation’s top billers to provide online billing and payment through about 430 financial services organizations, including banks, brokerage firms, Internet portals and content sites and personal financial management (PFM) software. CheckFree Investment Services provides a broad range of investment management services to thousands of financial institutions nationwide. The division’s clients manage about 1.2 million portfolios totaling more than $500 billion in assets.
CheckFree’s Software division provides solutions through three operating units: CheckFree ACH Solutions, CheckFree Financial and Compliance Solutions (CFACS), and CheckFree i-Solutions.
CheckFree ACH Solutions provides software and services that are used to process more than two-thirds of the nation’s six billion Automated Clearing House payments, while CFACS provides reconciliation and compliance software and services to more than 400 organizations in the banking, brokerage, utility, retail, insurance and credit card industries, among others.
CheckFree i-Solutions is the provider of e-billing and e-statement software and services for both business-to-consumer and business- to-business applications, with more billers as clients than all of its competitors have combined.