US Dataworks (AMEX:UDW)
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Regulus First to Market With Check 21 Pilot in Conjunction With
US Dataworks
NAPA, Calif., Nov. 16 /PRNewswire-FirstCall/ -- Regulus, the nation's largest
single provider of bill presentment and remittance processing, today announced
it will partner with US Dataworks (AMEX:UDW) and a worldwide financial services
provider for the nation's first commercial roll-out of Check 21 truncation.
The processing of electronic images brought about by Check 21 builds naturally
on Regulus' existing electronic settlement expertise, and further solidifies
the company's industry leadership in the evolution from paper to electronic
processing.
"Given the importance of this pilot, we sought out the strongest possible
partners. We are delighted to build on our existing client relationship and
expand our partnership with US Dataworks," says Kathy Hamburger, Regulus
President and COO, "As a leader and innovator in the payment industry, we are
very excited once again to be on the forefront with Check 21."
Regulus is working closely with US Dataworks who will develop the Federal
Reserve Banks' X9.37 format for Check 21 image exchange services for its
financial services client. Based on the success of the initial launch in the
New Jersey area, company officials expect a national rollout in 2005.
The new Check 21 law, which recently took effect October 28, allows providers
to transmit images of checks electronically rather than transporting paper
checks across the country. Like ARC (Accounts Receivable Conversion), Check 21
brings enormous benefits to corporations, by clearing checks faster and
providing funds sooner, literally reducing check settlement from days to hours.
These revolutionary changes in the check clearing process yield operational
efficiencies and savings as well, in areas such as return item processing,
research, exception and fraud handling, not to mention an overall reduction in
the cost of processing itself.
Regulus is uniquely positioned to guide corporations through the dramatic
changes sweeping the industry as a result of the Check 21 legislation. The
company was first to market with ARC, and is the only transaction processor
able to seamlessly move large volumes of both paper and electronic
transactions, uniting the entire billing and collection cycle under one roof.
ABOUT US DATAWORKS
US Dataworks is a developer of payment processing software, 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. http://www.usdataworks.com/
ABOUT REGULUS
Headquartered in Napa, California, Regulus is the nation's premier transaction
processing company, focusing on critical financial document printing and
remittance processing. The company specializes in moving large volumes of paper
or electronic customer transactions, uniting the entire billing and collection
cycle under one provider. http://www.regulusgroup.com/
Regulus Press Contact: Susan Klein
1-888-747-2877
US Dataworks Press Contact: Terri James
713-412-2052
US Dataworks Investor Contact: Ken Dennard
713-529-6600
DATASOURCE: US Dataworks; Regulus
CONTACT: Susan Klein of Regulus, +1-888-747-2877, or
; or Terri 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/
http://www.regulusgroup.com/