CheckFree Receives Nacha Quality Award for ARC Processing
US Electronic Payments Association Nacha has awarded CheckFree the Kevin O’Brien ACH Quality Award. CheckFree is being recognized as a third-party service provider for achieving a 0.01 per cent administrative return rate on ARC payments it processes. Through software and outsourcing, CheckFree processes millions of ARC transactions each month for national telecommunications, credit card issuers and regional utilities. In the fourth quarter of 2004, CheckFree’s administrative return rate for these ARC payments was 0.01 per cent, 14 times better than the industry average of 0.14 per cent. The Kevin O’Brien ACH Quality Award is presented annually to one or more organizations to recognize best practices in ACH participants’ efforts to maintain and improve the quality of ACH services and the integrity and reliability of the ACH Network. The award is named after the late Kevin O’Brien, Nacha’s chairman in 1999-2000.