Regulus, the nation's largest single provider of bill presentment and remittance processing, today announced it will partner with US Dataworks and a worldwide financial services provider for the nation's first commercial roll-out of Check 21 truncation.
The processing of electronic images brought about by Check 21 builds naturally on Regulus' existing electronic settlement expertise, and further solidifies the company's industry leadership in the evolution from paper to electronic processing.
"Given the importance of this pilot, we sought out the strongest possible partners. We are delighted to build on our existing client relationship and expand our partnership with US Dataworks," says Kathy Hamburger, Regulus President and COO, "As a leader and innovator in the payment industry, we are very excited once again to be on the forefront with Check 21."
Regulus is working closely with US Dataworks who will develop the Federal Reserve Banks' X9.37 format for Check 21 image exchange services for its financial services client. Based on the success of the initial launch in the New Jersey area, company officials expect a national rollout in 2005.
The new Check 21 law, which recently took effect October 28, allows providers to transmit images of checks electronically rather than transporting paper checks across the country. Like ARC (Accounts Receivable Conversion), Check 21 brings enormous benefits to corporations, by clearing checks faster and providing funds sooner, literally reducing check settlement from days to hours. These revolutionary changes in the check clearing process yield operational efficiencies and savings as well, in areas such as return item processing, research, exception and fraud handling, not to mention an overall reduction in the cost of processing itself.
Regulus is uniquely positioned to guide corporations through the dramatic changes sweeping the industry as a result of the Check 21 legislation. The company was first to market with ARC, and is the only transaction processor able to seamlessly move large volumes of both paper and electronic transactions, uniting the entire billing and collection cycle under one roof.