US Dataworks (AMEX:UDW)
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US Dataworks Enters Into Agreement With Union Bank of California
to Offer Check Processing Solutions
HOUSTON, June 15 /PRNewswire-FirstCall/ -- US Dataworks, Inc. (AMEX:UDW), a
leading developer of payment processing software, announced today that it has
entered into a strategic alliance agreement with Union Bank of California,
N.A., the fourth-largest commercial bank in California, one of the 25 largest
banks in the United States, and primary subsidiary of UnionBanCal (NYSE:UB), to
jointly offer the best-of-breed payment processing solutions to the market.
Among the offerings are US Dataworks' Clearingworks(TM), a comprehensive,
fully-automated solution enabling the end-to-end processing of checks through
the Automated Clearing House (ACH) as well as image exchange/substitute check
processing (Check21), and US Dataworks' recently released Distributive Capture
functionality, which allows remote and real-time access to retrieve payment
data regularly from an unlimited number of remote locations.
This alliance is the third in a series of its kind for US Dataworks. The
company has entered into similar alliances with two other large financial
institutions. Through their alliances with US Dataworks, these financial
institutions are able to offer billers and retailers payment processing
solutions that enable them to covert paper checks into electronic transactions.
"Our customers are looking for innovative solutions to check payment
processing," said Homa Alviri, Vice President, Commercial Product Management
and Development, Union Bank. "Union Bank is pleased to join forces with US
Dataworks to compliment our current customer offerings with the best and most
advanced check processing solutions."
"We are honored to have our state-of-the-art check processing solutions added
to Union Bank's already impressive portfolio of services," said Charles Ramey,
Chairman and CEO, US Dataworks. "Our alliance with Union Bank is further
evidence that US Dataworks is creating a niche for itself with astute financial
service firms that are positioned to offer their clients premium payment
processing solutions."
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 other forms of payments.
The transition to electronic processing is expected to create greater
efficiencies and immediate cost savings for the retail and remittance
industries.
About US Dataworks
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/ .
About Union Bank of California, N.A.
San Francisco-based UnionBanCal Corporation is a bank holding company. Its
primary subsidiary is Union Bank of California, N.A., one of the 25 largest
commercial banks in the country, based on assets at March 31, 2005. Union Bank
provides a comprehensive array of personal and commercial financial products
and services to individuals, businesses and government agencies, and is
differentiated from its competitors by providing personalized, high-quality and
responsive service.
Except for the historical information contained herein, the matters set forth
in this press release, including, but not limited to the statements regarding
the growth and potential for the ARC market and the effect capital investment
may have of a company's adoption of an ARC solution 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, Inc.
CONTACT: John Figone of US Dataworks, Inc., +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/