US Dataworks Signs Contract With Bank of Oklahoma to Deliver Accounts Receivable Conversion (ARC) Solution
24 May 2006 - 12:00AM
PR Newswire (US)
HOUSTON, May 23 /PRNewswire-FirstCall/ -- US Dataworks, Inc.
(AMEX:UDW), a leading developer of payment processing software,
announced today that it has signed a contract with the Bank of
Oklahoma, a subsidiary of BOK Financial Corporation, to provide its
industry leading Clearingworks(TM) solution. Clearingworks will
allow Bank of Oklahoma to offer Accounts Receivable Conversion
(ARC) processing services to its lockbox customers, converting
paper checks into electronic transactions at both their Tulsa and
Oklahoma City operation sites. US Dataworks will begin installing
its Clearingworks platform in the second quarter 2006, enabling the
Bank of Oklahoma to offer a full complement of conversion services,
in addition to ARC, to its customer base. US Dataworks'
Clearingworks solution incorporates industry-leading capabilities
of MICR parsing, eligibility sorting and return processing. Fees
for Clearingworks are charged through a simple, all inclusive per
transaction price. Bank of Oklahoma awarded US Dataworks its
contract over several vendors and other financial services
providers. "US Dataworks is very pleased to have been selected by
the Bank of Oklahoma to deliver its Clearingworks platform," said
Charles Ramey, chairman and CEO of US Dataworks. "We believe that
our Clearingworks platform, with its broad Electronification(SM)
capabilities and unique pricing structure, offers companies an edge
over other software offerings and we are gratified to see that
companies are recognizing its advantages." "We are looking forward
to offering top quality check conversion ARC services to our
current and future lockbox clients as well as having the ability to
offer enhanced Automated Clearing House (ACH) services beyond ARC,"
said Scott Smith, vice president and manager of Product Management,
Bank of Oklahoma. 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 BOK Financial Corporation BOK
FINANCIAL CORPORATION (BOKF) is a $16.3 billion regional financial
services company that provides commercial and consumer banking,
investment and trust services, mortgage origination and servicing,
and an electronic funds transfer network. The Company's stock is
publicly traded on NASDAQ under the national market listings
(symbol: BOKF). Holdings include Bank of Albuquerque, N.A.; Bank of
Arizona, N.A., Bank of Arkansas, N.A.; Bank of Oklahoma, N.A.; Bank
of Texas, N.A.; Colorado State Bank and Trust, N.A.; broker-dealer
BOSC, Inc., and the TransFund electronic funds network. Except for
the historical information contained herein, the matters set forth
in this press release, including, but not limited to, the
statements regarding the belief that Clearingworks is the
industry's leading ARC solution and the enabling of the Bank of
Oklahoma to offer a full complement of ACH solutions (which would
be dependent on whether the Bank of Oklahoma elects to offer any
other ACH services) 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, 2005 and its quarterly report on Form
10-QSB/A for the period ended December 31, 2005. These
forward-looking statements speak only as of the date hereof. US
Dataworks disclaims any obligation to update these forward-looking
statements. CONTACTS: John Figone, SVP of Business Development US
Dataworks, Inc. (713) 934-3855 Donald C. Weinberger/Alisa Steinberg
(media) Wolfe Axelrod Weinberger Assoc. LLC Tel. (212) 370-4500 Fax
(212) 370-4505 DATASOURCE: US Dataworks, Inc. CONTACT: John Figone,
SVP of Business Development of US Dataworks, Inc., +1-713-934-3855;
or media, Donald C. Weinberger or Alisa Steinberg, both of Wolfe
Axelrod Weinberger Assoc. LLC, +1-212-370-4500, or fax,
+1-212-370-4505, for US Dataworks, Inc. Web site:
http://www.usdataworks.com/
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