Financial Institutions

US Dataworks helps financial institutions seamlessly transition from paper to electronic payments processing, optimize multiple payments and clearing channels, and navigate the changing regulatory environment. Through its Clearingworks enterprise payments solution, US Dataworks has helped financial institutions of all sizes enhance funds availability, gain operational efficiencies, and enhance customer service and fee-related revenue. Here's how:

Check 21

Check 21 is intended to allow banks and other payments processors to convert their paper checks into electronic transmissions, saving them considerable time and money.

Clearingworks includes an intelligent decisioning engine that determines the most efficient method for customers to settle their paper check deposits; Clearingworks also provides the infrastructure through which these electronic transmissions can be received, downloaded, printed and delivered to the paying bank. As the payment processing industry moves toward Image Exchange, Clearingworks also allows a financial institution's customers to take full advantage of electronic processing -- moving money electronically, at the speed of light.

ACH

With Clearingworks, financial institutions can process items electronically for ARC, BOC, WEB, TEL and other types of ACH services. Clearingworks handles the MICR line parsing, decisioning, and creation of the ACH file, image exchange file, or substitute check.

What's more, banks and brokerage houses also can use Clearingworks to deploy a POS solution for local merchants to further aggregate ACH business. Clearingworks also handles the electronification of bank deposits where an electronic conversion is made at the branch, then sent to the Federal Reserve for clearing to the paying bank for electronic settlement.

In a bank lockbox environment, Clearingworks reduces the amount of work to process retail, wholesale and whole-tail lockbox items. For instance, ZeroPass, a collaboration between the leading mail extraction hardware vendor and US Dataworks, gives processors the ability to open, extract, decision and sort payments for ARC conversion, in one pass; the solution makes the initial decision on ARC eligibility within milliseconds of check extraction.