NACHA–the Electronic Payments Association–presented one of its two 2005 Kevin O’Brien ACH Quality Award to CheckFree Corporation. CheckFree is being recognized as a third-party service provider for achieving a 0.01% 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 4th quarter 2004, CheckFree’s administrative return rate for these ARC payments was 0.01%, fourteen times better than the industry average of 0.14%.
“Quality is a critical component of any payment product or process, and this year’s NACHA Quality Awards are excellent examples of improvements that help make check conversion the highest quality product possible,” said Elliott C. McEntee, president and CEO of NACHA. “Congratulations to CheckFree on winning one of this year’s NACHA Quality Awards.”
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 for the late Kevin O’Brien, NACHA’s Chairman in 1999-2000.