Regulus First to Market With Check 21 Pilot in Conjunction With US Dataworks
16 November 2004 - 10:00PM
PR Newswire (US)
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/
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