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U.S. Bank Treasury Management Enhances Its Notification of Change Reporting Service for Business Customers

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 7, 2005--U.S. Bank (NYSE:USB) is offering a new service for its business banking customers that automates corrections to their payments processed through the Automated Clearing House (ACH).

Before this new service, U.S. Bank's business customers were required to update information on their ACH payments, such as outdated account, routing/transit and transaction code information. Now, U.S. Bank's new service will make those changes for business customers.

The new service manages the correction process for Notification of Change (NOC) information. Called U.S. Bank NOC Manager, changes noted in the NOC for outdated account, routing/transit, and transaction code information are automatically made for any future submitted ACH payments. Building on the standard industry practice for managing notifications received on converted check items, this service extends the process to all types of ACH transactions - including payments initiated via the Web and telephone.

In accordance with industry rules, an NOC is created by the receiving bank when a received ACH payment contains invalid information. The NOC is sent to the originating bank so the invalid information can be corrected before another payment is made. Prior to the availability of U.S. Bank NOC Manager, the NOC was forwarded to business banking customers so they could make the corrections in their own systems.

U.S. Bank's new, automated NOC capabilities are made available through its technology relationship with CheckFree Corporation (Nasdaq:CKFR) to leverage its existing investment in CheckFree's PEP+ ACH processing platform. CheckFree's Alliance Services team designed, developed and tested the module on-site at U.S. Bank, allowing the project to benefit from the combined expertise of both organizations while maintaining high quality control and low total project cost.

"U.S. Bank is the first bank, with the ACH PEP+ to market this type of service for all ACH payment types," said Nadia Kozak, vice president and senior ACH product manager for U.S. Bank Treasury Management Services. "Our ACH business customers can now reduce the number of NOCs they receive, stay compliant with the ACH rules, and streamline their back-office processes by eliminating the need to manage updates to their system."

"For U.S. Bank, CheckFree's solutions facilitate operational efficiency and compliance in an environment of increasing complexity and risk. This relationship enables U.S. Bank to be among the first financial institutions to deliver these enhanced services to their clients," said Denny Oswalt, senior vice president, Global Banking within CheckFree Software. "CheckFree seeks to increase the value it delivers to existing customer investments by evolving its solutions to address new operational and business issues that are created by emerging technologies or trends. The relationship with U.S. Bank clearly accomplishes that objective."

Several of U.S. Bank's Treasury Management customers participated in the successful pilot program.

About CheckFree

Founded in 1981, CheckFree Corporation (Nasdaq:CKFR) provides financial electronic commerce services and products to organizations around the world. CheckFree Electronic Commerce solutions enable thousands of financial services providers and billers to offer their customers the convenience of receiving and paying their household bills online or in person through retail outlets. CheckFree Investment Services provides a broad range of investment management solutions and outsourced services to thousands of financial services organizations, which manage more than $1 trillion in assets. CheckFree Software develops, markets and supports software applications that are used by financial institutions to process more than two thirds of the 12 billion ACH transactions in the United States. The division also provides operational risk management, financial messaging, corporate actions, and regulatory compliance software to more than 1,500 organizations across the globe. Visit CheckFree at checkfreecorp.com.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With $204 billion in assets, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,383 banking offices and 4,877 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee in which the company pays customers if certain key banking benefits and services are not met. Visit U.S. Bancorp on the web at usbank.com.

Amy Frantti, 612-303-0733


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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