CheckFree Corporation and Whitney National Bank announced that Whitney has incorporated CheckFree’s WebPay for Small Business service as part of its Whitney Business Online offering. Whitney Business BillPay offers small business customers a customized electronic bill payment application that enables easy and secure online payment of all bills. Whitney is addressing the needs and desires of its small business banking customers by providing this new bill pay service. As a result, Whitney is further enhancing its existing corporate banking relationships across the five-state Gulf Coast region stretching from Houston, Texas to the panhandle of Florida.
“The decision to offer Whitney Business BillPay as part of Whitney Business Online logically corresponds with the broad range of Internet services we provide to our business customers,” said Lou Porcelli, Whitney’s Internet Banking Manager. “The addition of CheckFree’s technology offers the first application designed specifically to meet the electronic bill payment needs of businesses.”
By offering services such as Whitney Business Bill Pay as part of its online capabilities, Whitney is capitalizing on the continued growth in the number of small businesses that use the Internet to manage their finances. Small business customers can also take advantage of the convenience, ease-of- use and control associated with online bill payment. Whitney small business clients can simply click to approve bills for payment, determining when and how much will be paid. Small business banking users are able to leverage electronic bill pay as a way to streamline their accounts payable, manage float, save valuable time and money, and experience more efficient record keeping.
“CheckFree is dedicated to making electronic bill payment easy and viable for customers of varying sizes,” said Marc Berkowitz, product manager at CheckFree. “By offering CheckFree’s WebPay for Small Business, Whitney will allow all of its consumer and business customers to leverage electronic bill pay as a way to better manage their accounts and dramatically improve their billing processes.”
Benefits of Whitney Business BillPay
Whitney’s product is driven by CheckFree’s third generation, proven user interface, with payments powered by CheckFree’s Genesis platform. This technology provides Whitney’s small business banking customers with enhanced features such as:
Comprehensive Business Payment Fields — Whitney Business Customers can include key remittance information with their electronic payment, including invoice, discount and adjustment information. This allows their vendor to easily identify and apply the payment. Business customers can also assign their own check number to each payment for better tracking and reconciliation within small business accounting programs.
Improved Record-Keeping Capabilities — Small businesses can better their bookkeeping abilities by easily downloading all payment activity directly into various Financial Management software packages including Intuit’s QuickBooks(R) or Quicken(R), and Microsoft Money(R).
Guaranteed Transactions — Payments scheduled to arrive on time are guaranteed, backed by the CheckFree Guarantee, which protects against liability for late fees and interest charges.
Electronic Bill Delivery — Small businesses can receive bills electronically from companies nationwide in addition to various regional telecommunications, utility, credit card companies and more.
Customizable User Interface — Customizable front-end capabilities allow Whitney to brand the user interface as Whitney Business BillPay, thus providing a seamless online banking experience to their small business clients.
About Whitney National Bank ([http://www.whitneybank.com] )
New Orleans-based Whitney National Bank, with assets in excess of $6.7 billion, is the oldest continuously operating bank in New Orleans and a banking industry leader in the Gulf South. The bank offers a wide variety of consumer, commercial, trust and investment banking products and services. Founded in 1883, the Whitney has 130 branch locations in Louisiana, Alabama, Florida, Mississippi and Texas. For more information regarding Whitney Bank, visit [http://www.whitneybank.com] or call 877-611-9448.
About CheckFree ([http://www.checkfree.com])
CheckFree is the leading 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 leading 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.