Source: US Dataworks Inc
US Dataworks, Inc. (Amex: UDW), a leading developer of payment processing software, and Othentik Technologies, a Montreal-based technology firm specializing in e-commerce, announced today that the two companies will form a strategic alliance to promote groundbreaking online purchase and bill payment technologies in the United States.
Under the alliance, US Dataworks will join with Othentik to launch the premier payment solution based on online banking authentication. Othentik's credit push technology enables online shoppers to request a designated payment at the merchant's website; allows that request to be authenticated in real time by the shopper's financial institution; and then provides for the bank to pay the merchant privately and securely after the transaction has been authorized. This unique sequence of operations puts authentication back in the hands of the trusted financial institution, and vastly reduces fraud, charge-backs and abandoned transactions commonly seen in online shopping.
"Accounts Receivable Conversion (ARC) and Check 21 are ushering in an industry revolution that promises to introduce a variety of innovative electronic payment options," said Charles Ramey, Chief Executive Officer of US Dataworks. "As an innovator in payment technologies, US Dataworks wants to be at the forefront in developing and marketing new payment options. Othentik, a leading developer of e-commerce solutions, is a natural alliance partner for US Dataworks in the e-commerce market."
"Electronic payments are the backbone of e-commerce and future banking strategies. Through this alliance, US Dataworks and Othentik will leverage each company's technological expertise to introduce innovative credit push technologies to the ever-growing United States' e-business sector," said Patrick Rioux, President & CEO, Othentik Technologies Inc.