US Dataworks, Thomson Financial Publishing and CheckFree Announce Alliance
to Enhance Returnworks, a Re-Presented Check Entry -RCK- Processing Module
SKOKIE, Ill., Sep 14, 1999 (BUSINESS WIRE) -- US Dataworks, Thomson
Financial Publishing and CheckFree announced a strategic business
alliance to enhance the newly released Returnworks(tm), a system for
processing return check items within the automated clearing house (ACH)
payment network. Developed by US Dataworks, this module utilizes
Thomson's EPICWare(tm) Filter to verify and modify, as appropriate, the
ABA Routing and Transit numbers and account structures of checks to
originate more accurate ACH payments. CheckFree will offer Returnworks
as an optional enhancement to its ACH Alliance Processing platform and
PEP+ application software.
Glenn Gottfried, senior vice president of Thomson Financial Publishing,
stated, "The administrative, non-fund related errors have been one of
the biggest barriers associated with converting check MICR to ACH.
EPICWare addresses these errors before they occur." US Dataworks
embedded Thomson's EPICWare Filter source code within the Returnworks
system. This filter compares input records against Thomson's data file,
updated and maintained through separate arrangements with Thomson.
CheckFree will provide marketing and front-line support for
Returnworks. Returnworks runs on Windows(R)-based client/server
architecture and is fully integrated with CheckFree's PEP+ ACH
processing system.
The use of Returnworks will enable organizations to more effectively
deploy an RCK business initiative. RCK is an efficient mechanism for
reducing collection time, improving customer service, increasing cash
flows, lowering costs due to less human involvement, and creating an
opportunity for earlier fraud detection.
"The demand for financial institutions to process Re-presented Check
Entries (RCKs) will increase dramatically as National Automated
Clearing House Association (NACHA) regulations allowing transactions to
be converted from paper to electronic are implemented," said Terry
Stepanik, general manager of US Dataworks. "Returnworks will help
financial institutions manage the increasing return items volume
accurately, promptly and efficiently thereby reducing costs and
increasing revenue."
Stepanik added, "Despite the widespread shortage of MIS resources,
financial institutions continue to need immediate, cost-efficient
solutions to enhance their corporate customer relationships. Because
Returnworks is relatively 'turn-key', it is anticipated to be
particularly attractive."
Gottfried offered, "Approximately 1.3 million of the 65 billion checks
written each year go bad. Returnworks, with the EPICWare Filter to
complete the MICR to ACH conversion, will be an effective tool to
collect and settle these items."
As the developer of the leading ACH processing software, CheckFree is
in a unique position to take full advantage of the capabilities of the
software while providing banks of all sizes a cost-effective
alternative with virtually unlimited capacity. CheckFree offers
established, high-volume processing capacity and industry-leading
disaster recovery services for ACH processing.
About US Dataworks
Established in 1997, US Dataworks (www.usdataworks.com) develops,
markets and supports transaction-processing software for Windows NT(R)
computer systems.
About Thomson Financial Publishing
TFP (www.tfp.com) develops and distributes highly specialized
information and applications for the banking, financial services, and
electronic commerce sectors. TFP's 200,000 clients around the world use
the information to expedite payments processing and ensure compliance,
streamline research and analysis, enhance electronic commerce, and
market their products and services. Thomson Financial Publishing is a
division of Thomson Financial.
About Thomson Financial
Thomson Financial is a US$1 billion provider of information services
and work solutions to the worldwide financial community. Through the
widest range of products and services in the industry, Thomson
Financial helps clients in more than 70 countries make better
decisions, be more productive and achieve superior results. Thomson
Financial is part of The Thomson Corporation (TTC), one of the world's
leading information companies. TTC, with annual revenues of more than
US$6 billion, has interests in specialized information and newspaper
publishing. TTC's common shares are traded on the Toronto, Montreal and
London stock exchanges. For more information, visit
www.thomsonfinancial.com.
About CheckFree
Founded in 1981, CheckFree (www.checkfree.com), the operating
subsidiary of CheckFree Holdings Corporation, is the leading provider
of financial electronic commerce services, software and related
products. CheckFree designs, develops and markets services that enable
nearly three million consumers to receive and pay bills over the
Internet or electronically through a variety of bill aggregation
points, including banks, brokerage firms, portals and interactive
content sites on the Internet, and personal financial management (PFM)
software. CheckFree's range of services and products are focused on
enabling customers to make electronic payments and collections,
automate paper-based recurring financial transactions and conduct
secure Internet transactions.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Thomson Financial Publishing
Bob McKay, 847/933-5150
robert.mckay@tfp.com
George Curran, 847/933-5066
george.curran@tfp.com
WEB PAGE: businesswire.com
GEOGRAPHY: ILLINOIS INTERNATIONAL EUROPE CANADA
INDUSTRY CODE: COMPUTERS/ELECTRONICS
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