CheckFree Holdings Corp. (Nasdaq: CKFR) rose for a second day Thursday, climbing 14 13/16 to 54 3/8 after the company said it would buy Bank of America’s electronic billing and payment assets. Bank of America, in return, will get a 16 percent stake in CheckFree.
CheckFree said its electronic billing and payment services will be available to Bank of America’s more than 2.1 million online customers, representing one out of every three banking households in the United States. Bank of America customers process more than $800 million worth of transactions through their bank’s online bill payment service, the companies said.
CheckFree and Bank of America said they will collaborate on new e-commerce ventures, including a plan to enable banks to offer payment services on the Internet. Some new services will be available this year, the companies said.
On Wednesday, news of a smaller-than-expected quarterly loss sent CheckFree shares up 7 1/16.