Banks face profound changes in how they capture, manage, settle, and store payments. 

As a result of the economic downturn and declining paper check volumes, banks must reduce their payment processing costs and find new ways to generate non-interest income.  Banks must meet demands from corporate customers for more integrated payments processing services.  Further, banks must reduce the complexities of detecting fraud and managing risk across payment channels. In the background, a steady stream of non-bank competitors is offering new payment processing services.

The traditional approach to bank payment processing – with siloed payment systems, processing rules, and clearing and settlement approaches – no longer works in this evolving environment.

That’s why US Dataworks developed Clearingworks.

Clearingworks is an integrated platform that consolidates all paper-based and electronic payment channels to facilitate the end-to-end processing and management of any transaction or return. 

Our integrated payment processing approach empowers banks to:

• Lower overall payment processing costs
• Eliminate preconceived dispositions for clearing
• Enable improved treasury management reporting and services
• Streamline integration with core banking systems
• Provide global payment accessibility and monitoring
• Simplify compliance, including AML and OFAC screening
• Strengthen security and audit controls across channels
• Offer flexibility in  the utilization of capabilities
• Decommission redundant systems and processes

Most importantly, Clearingworks helps banks stand apart from their competitors.

Clearingworks is built on four pillars: