CheckFree announced Monday that American Payment Systems, a payment processing company for utility customers, will use the CheckFree RECON-Plus for Windows client/server system to automate the reconciliation of its more than 100,000 daily transactions.
APS manages more than 1,300 accounts for over 60 major utility companies. RECON-Plus for Windows will be used initially to verify its daily cash transactions across 100 bank accounts nationwide. It will later be expanded to include reconciliation of other utility processes.
“We were immediately impressed with the power and flexibility of RECON-Plus for Windows. With this system we will be able to automate more processes than ever before — importing, matching, reporting, etc…which will save significant amounts of time and money,” said Richard A. Okun, President at APS. “Plus, with RECON-Plus for Windows we can consolidate our numerous bank accounts and further save on the associated bank fees.”
Senior Vice President of CheckFree Software Frank J. Amoruso, added, “APS is a leading processor of consumer payments for utilities, and its decision to go with RECON-Plus for Windows ratifies its leadership. The comprehensive features of our product will help fulfill APS’ vision of adapting to the expanding needs and challenges of the utility industry.”
CheckFree, a leading provider of reconciliation software to banks and corporations for more than 20 years, has sold over 600 reconciliation systems to organizations around the world, including more than 100 RECON-Plus for Windows systems.
About CheckFree RECON-Plus for Windows
RECON-Plus for Windows is the industry’s most comprehensive account reconciliation application on the market today. It streamlines the reconciliation process for any organization-wide application, whether check or non-check — including disbursement, depository, general ledger, subledger, wire transfer, debit/credit cards, Federal Reserve, inventory applications, premiums, ATM, ACH transfers and more. RECON-Plus for Windows also reduces fraud through daily deposit verification, allows for intra-day investment opportunities and provides quicker cash concentration.
About American Payment Systems
American Payment Systems () is a wholly owned subsidiary of The United Illuminating Company, an operating electric utility in southern Connecticut. APS is the leading service provider in “walk-in customer bill payments.”
APS has more than 6,500 Point of Sale (POS) locations in 38 states, processing over 80 million payments annually for about 75 major utility companies, which represent over 10 billion dollars in customer payments. APS is the technology leader in providing this outsourced service to the utility industry with enhanced features and automatic postings to customer accounts, as well as automated voice-response interfaces for real-time transaction posting. APS specializes in systems integration to make customer data more available and useful for its clients. APS’ clients include AT&T, Ameritech, Houston Industries, Southern California Edison, Pacific Gas & Electric, Virginia Power, PaciFICO®rp, Entergy, Central & Southwest, Southern California Gas and Carolina Power & Light.
Founded in 1981, CheckFree Corporation (), the operating subsidiary of CheckFree Holdings, Inc., is the leading provider of financial electronic commerce services, software and related products for more than 2.4 million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure financial transactions on the Internet.Details