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Computer Sciences Corporation (NYSE: CSC), a global information technology (IT) services company, and US Dataworks, Inc. (Amex: UDW), a leading developer of payment processing software, announced today an alliance to jointly develop and market payment processing solutions to address the challenges presented by the Check Clearing for the 21st Century Act (Check 21), which will become effective in the United States on October 28, 2004.
Check 21 allows banks to exchange checks electronically, using digital images instead of paper. Coupled with recent changes in the National Automated Clearing House (NACHA) rules, banks, retailers and billers will be able to process paper checks and all other forms of payments electronically. The transition to electronic processing is expected to create greater efficiencies and immediate cost savings for the retail and remittance industries.
CSC and US Dataworks will combine CSC's market leading payment, check, and fraud solutions with US Dataworks' Clearingworks(TM) technology to provide an integrated end-to-end solution for electronic processing.
"CSC has successfully implemented an accounts receivable conversion (ARC) solution with US Dataworks technology for one of the nation's leading payment processors," stated Bill Cunningham, general manager of CSC's Integrated
Payments business unit. "That success has given CSC confidence in US Dataworks' software and development capabilities. Our alliance will build on this initial success to address other important Check 21 initiatives."
"We are excited to join with CSC to help businesses prepare for the opportunities and challenges posed by the new industry rules and legislation," said Charles Ramey, chairman and CEO of US Dataworks. "With our industry-leading technologies and CSC's resources and expertise, I feel confident that we will provide a state-of-the-art end-to-end solution for electronic payment processing."