Pete Kight's CheckFree: Pioneering Online Bill Payments in the US
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Code :BSM0035
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Region : USA
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Introduction:Traditionally, money has always been identified with something solid, like fine paper or preciousmetal. Stuffing one's pockets with this money and carrying it around, before spending it, has been risky. In the 20th century, certain ideas about money evolved, that considered money as just a piece of information. Although money is required to pay or to deliver goods and services, these transactions can proceed on the basis of information alone. In the 21st century, the finances in the industry are driven by technology, which is based on this information concept and that is where CheckFree comes in. CheckFree provides electronic bill payment and presentment (EBPP) and other types of electronic commerce and payment services to customers through numerous sources like leading banks, brokerage firms, Web sites, and personal financial management software. Established in 1981, CheckFree was far-and-away the first mover and by 1993, was the biggest player in the electronic billing and payment industry. In 2004-2005, it had annual sales of $ 757 million (financial year-end June 30th). |
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