US Dataworks Wins Contract to Deliver ARC Processing Solution

Friday 6 May 2005 17:54 CET | News

US Dataworks, Inc. , a leading developer of payment processing software, has signed a contract with Verizon Corporate Services Group Inc., an indirect subsidiary of Verizon Communications Inc. to provide its Clearingworks(TM) Accounts Receivable Conversion (ARC) processing platform.

US Dataworks Clearingworks will allow Verizon to convert paper checks into electronic transactions at five of the companys sites of operation. US Dataworks will begin installing its Clearingworks ARC platform at Verizons sites and anticipates completion in 2006. When Clearingworks software is installed at all five Verizon sites, Verizon will be able to convert transactions from two different remittance platforms to ARC transactions that in turn will be submitted to two separate financial institutions for processing and payment. US Dataworkss ARC solution incorporates Clearingworks industry-leading capabilities of MICR parsing, eligibility sorting and return processing. Fees for the US Dataworks ARC platform are charged through a simple, all inclusive per transaction price. After responding to a Request for Proposal (RFP), US Dataworks was selected by Verizon over other bidders. Recent changes in the National Automated Clearing House (NACHA) rules coupled with the passage into law of Check-21 now make it possible for banks, retailers and billers to electronically process paper checks and all other forms of payments. The transition to electronic processing of payments, via ARC or Check 21, is expected to create greater efficiencies and cost savings.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce