US Dataworks Wins Contract to Deliver ARC Processing Solution
May 03 2005 - 6:00AM
PR Newswire (US)
US Dataworks Wins Contract to Deliver ARC Processing Solution
HOUSTON, May 3 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing software,
announced today that it 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 company's sites of
operation. US Dataworks will begin installing its Clearingworks ARC
platform at Verizon's 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 Dataworks's ARC solution incorporates Clearingworks'
industry-leading capabilities of MICR parsing, eligibility sorting
and return processing. Fees for the US Datawork's 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. "US Dataworks is very
pleased to have been selected by Verizon to deliver its ARC
processing solution," said Charles Ramey, chairman and CEO of US
Dataworks. "We believe that our Clearingworks ARC platform, with
its technical capabilities and pricing structure, offers companies
in the remittance industry an edge over other ARC processing
software and we are gratified to see that companies are recognizing
its advantages." 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. US Dataworks is a developer of payment processing
solutions, focused on the financial services market, federal, state
and local governments, billers and retailers. Software developed by
US Dataworks is designed to enable organizations to transition from
traditional paper-based payment and billing processes to electronic
solutions that automate end-to-end processes for accepting and
clearing checks. For more information, visit the company's website
at http://www.usdataworks.com/ . Except for the historical
information contained herein, the matters set forth in this press
release, including, but not limited to the perceived leading status
of our software solution and the extent by which Verizon may be
able to convert their paper transactions are forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including, but
not limited to, the Company's position in the marketplace, our
ability to develop and timely introduce products that address
market demand, the impact of alternative technological advances and
competitive products, market fluctuations, our ability to obtain
future financing and other risks detailed from time to time in the
SEC reports of US Dataworks, Inc., including its annual report on
Form 10-KSB/A for the period ended March 31, 2004 and its quarterly
report on Form 10-QSB/A for the period ended December 31, 2004.
These forward-looking statements speak only as of the date hereof.
US Dataworks disclaims any obligation to update these
forward-looking statements. For more information, contact: John
Figone - US Dataworks (713) 934-3855 ext. 250 Terrie James - media
contact (713) 412-2052 Ken Dennard - investor contact (713)
529-6600 DATASOURCE: US Dataworks CONTACT: John Figone of US
Dataworks, +1-713-934-3855, ext. 250; or media, Terrie James,
+1-713-412-2052, or ; or investors, Ken Dennard, +1-713-529-6600,
or , both for US Dataworks Web site: http://www.usdataworks.com/
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