HOUSTON, Nov 8, 2004 -- US Dataworks, Inc. (Amex: UDW), a leading developer of payment processing software, announced today that Cabela`s(R), the World`s Foremost Outfitter(R) of hunting, fishing, and outdoor gear and the parent company to the World`s Foremost Bank(R), has placed a first-day order for US Dataworks` enhanced Clearingworks(TM) solution for all of the company`s electronic payment processing.
Earlier today at the Association for Financial Professionals (AFP) Annual Conference in San Diego, US Dataworks introduced its next-generation Clearingworks with Express Batching(TM) and Real-time Web Enablement, two revolutionary payment processing capabilities that greatly enhance Clearingworks, the company`s integrated electronic payment processing platform.
"World`s Foremost Bank and Cabela`s are pleased to partner with US Dataworks," said Kevin Werts, Chief Financial Officer of Cabela`s. "US Dataworks` innovative Clearingworks solution provides our companies an all- inclusive payment processing system that will allow us to streamline our processes to achieve greater efficiencies and meet the challenges presented by the revolution currently taking place in the payments industry."
Beyond its revolutionary functionality of Express Batching and Real-time Web Enablement, US Dataworks` fully-integrated Clearingworks platform provides solutions to process every form of transaction, including Check 21, Accounts Receivable Conversion (ARC), Point of Purchase (POP), Telephone (TEL) and Internet (WEB) payments.
"By taking a fresh look at the payment process, US Dataworks is reinventing the process from start to finish," said Terry Stepanik, president and COO of US Dataworks. "We believe that our next-generation Clearingworks with Express Batching and Real-time Web Enablement is possibly the most significant technological advancement in payment processing since image capture."
Express Batching captures electronic images from checks and their corresponding remittance stubs during an item`s initial pass through the remittance system, or "Pass One." During this capture of electronic images, Express Batching scans and sequences each item thus allowing the items to be released for payment rather than held in a "batch." Real-time Web Enablement promises to further improve payment processing by offering remote, secure, web-based data capture, access, and entry capabilities from anywhere and at any time through the world-wide web.
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 all other forms of payments. The transition to electronic processing of payments, via ARC or Check 21, is expected to create greater efficiencies and immediate cost savings for the retail and remittance industries.
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 .
Except for the historical information contained herein, the matters set forth in this press release 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 June 30, 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
Ken Dennard - investor contact