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 is expected to create greater efficiencies and immediate cost savings for the retail and remittance industries.

Clearingworks is an integrated electronic payment processing platform that provides an end-to-end solution with state-of-the-art decision-making functionality that determines "best-fit clearing" and "least-cost routing" of payments.

"Because Clearingworks can be configured to meet every payment processing need in the marketplace, many Fortune 500 companies are already taking advantage of Clearingworks' key features," said Terry Stepanik, president and COO, US Dataworks.

By way of example, Stepanik noted that a national payment processor is using Clearingworks to convert its lockbox checks to accounts receivable conversion (ARC) transactions and a large grocery store chain is using Clearingworks as the platform for processing its Point-of-Purchase (PoP) transactions.