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Siam Commercial Bank Chooses CheckFree to Deliver the First Bank-Centric Electronic Invoicing and Payment Service for Businesses in Thailand
Atlanta and London (ots/PRNewswire) - CheckFree Software, a division of CheckFree Corporation (Nasdaq: CKFR), today announced that Siam Commercial Bank (SCB) has selected CheckFree i-Series to deliver Thailand's first bank-hosted, business-to-business electronic invoicing and payment (EIP) service based on an industry-leading electronic invoicing solution. A high profile project within the country, SCB is the first bank in the country to offer an e-billing service that is specifically focused on the business community, starting with the bank's own corporate customers The service sits at the core of SCB's business strategy to increase its competitive edge, enhance customer satisfaction, attract new customers and accommodate the demands of its top-tier customers that want to switch to Internet-based invoicing.
When SCB decided to replace its in-house built e-invoicing system last year, the bank undertook an extensive evaluation process to choose a supplier that could provide global support and has a track record of developing complex, business-to-business EIP sites. CheckFree was selected on the basis of its international reputation, the flexibility of the CheckFree i-Series software and the financial strength of the Company.
Charamporn Jotikasthira, SCB executive vice president of Business Cash Management Group commented: "Due to a growing customer demand for more advanced features, we needed world class software with the superior execution capabilities that would enable us to support Electronic Presentment and Payment (ePP). This is a strategic service we have launched to serve our B2B customers, enhance cash management, increase our market competitiveness and customer satisfaction, all in fulfillment of our mission statement to be our region's bank of choice."
Natruedi Punyaratabandhu, project manager at the Business Cash Management Group of SCB said: "As a bank, supporting a hosted e-billing system was not a core competency and maintaining our in-house platform was not an efficient use of our resources. With each new invoicer added to the system, we would need to build a custom, costly application from the ground up. The flexibility of the CheckFree i-Series platform enables SCB to rapidly add new corporates to the service, a primary decision factor for SCB in choosing its new technology partner. In addition, CheckFree's domain expertise will give us the speed, security and stability to bring our new, corporate banking service to market quickly."
One of the drivers in SCB's decision to launch a business-based service was the growing demand for the type of support tools that only electronically based billing services can provide. These include single Internet banking sign-on, multiple file format downloads, invoice queries and dispute handling, flexible payment options, data analysis, customised reporting, account hierarchies, split billing and further payment functionality to support cash management and customer account management processes. In fact, a key attraction of CheckFree i-Series was the advanced features of its Payment Warehouse, a data repository that provides the bank or invoicers with a consolidated record of customer payments, including the type of payment (one time, recurrent, split payment), the payment instrument (direct debit, credit card, etc.) and whether or not many payments were made from a single account, or single payments came from multiple accounts, and so on.
SCB's new e-invoicing service is expected to go live in April 2005. The first wave of billers to sign up for the service includes a large construction company, automobile manufacturer and telecommunications provider. Ultimately SCB is focusing on the invoice servicing needs of the top 100 corporates in Thailand. The next step is to invite the bank's own 5,000 corporate Internet banking customers to view and pay their invoices online, and then to expand outwards to sign on new corporate subscribers. SCB also plans to extend the service to its own consumer-based (B2C) customers at a future date.
Says Randy McCoy, executive vice president and general manager of CheckFree Software: "SCB is already one of Asia Pacific's foremost commercial banks and therefore a highly trusted payment services provider. In building a reputation as a leading B2B biller service provider, SCB is positioning itself as a value-added facilitator and strategic link between invoicers and payers within the overall supply chain community. This business strategy is visionary and ambitious, and CheckFree looks forward to assisting the company in delivering future success."
About Siam Commercial Bank
Siam Commercial Bank (SCB), the first Thai bank, was established in 1906. Today it serves customers in all segments in the Thailand's financial market and ranks one of the top four by market capitalization among Thai financial institutions. SCB has always maintained a leading stance as pioneer and leader in banking technology in order to provide the best services responding to customer's needs. It was the first bank to introduce ATM, Internet Banking and Mobile Banking in Thailand. Currently, its service network is one of the largest among financial institutions with 562 branches, 41 Business Centers, 93 FX kiosk and more than 2,000 ATMs nationwide. SCB has announced record net profit of Baht 18.4 billion for 2004's operation, the highest among Thai banks. It aims to be 'the Leading Universal Bank in Thailand.'
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 their customers the convenience of receiving and paying their household bills online or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to thousands of financial services organizations, which manage more than US$1 trillion in assets. CheckFree Software develops, markets and supports software applications that are used by financial institutions to process more than two-thirds of the 10 billion Automated Clearing House transactions in the United States. The division also provides global trade processing, reconciliation, financial messaging, compliance and electronic billing and statement software to hundreds of organizations across the globe.
Certain of CheckFree's 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 CheckFree's business, and other risks and uncertainties detailed from time to time in CheckFree's periodic reports filed with the Securities and Exchange Commission, including CheckFree's Annual Report on Form 10-K for the year ended June 30, 2004 (filed September 3, 2004), Form 10-Q for the quarter ended September 30, 2004 (filed November 9, 2004) and Form 10-Q for the quarter ended December 31, 2004 (filed February 8, 2005). One or more of these factors have affected, and could in the future affect CheckFree'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 CheckFree, or any other person, that the objectives and plans of CheckFree will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and CheckFree assumes no obligation to update any forward-looking statements.
Web site: http://www.checkfreecorp.com
ots Originaltext: CheckFree Corporation
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