US Dataworks (Amex: UDW), a leading provider of Enterprise Payments solutions to financial institutions, billers and government entities, today announced that The Bankers Bank, with headquarters in Oklahoma City, OK, has selected the Clearingworks platform to drive the image check clearing network for its over 275 community bank and other correspondent bank clients.
With Clearingworks, The Bankers Bank will be able to reduce check clearing fees, enhance service to its members and clients, and improve funds availability.
As part of today's announcement, The Bankers Bank plans to offer its image clearing service to other bankers' banks as part of a strategic initiative. "We have a history of providing innovative solutions to correspondent banks operating in other parts of the country," said Mark Keeling, Executive Vice President and COO of The Bankers Bank. "We see the Clearingworks-powered Image Exchange network as another way we can expand our value-priced service offerings to our colleague bankers' banks serving the thousands of community banks across America."
"Clearingworks will help The Bankers Bank provide the highest quality of correspondent services to community banks, as well as allow The Bankers Bank to help other correspondent banks serve their own customers," said Mario Villarreal, president and COO of US Dataworks. "The flexibility of Clearingworks also will position The Bankers Bank for future volume growth and new services."
A key benefit of Clearingworks is the ability for The Bankers Bank to meet tighter processing windows, by accelerating the processing of image cash letters. Based on initial testing, check image processing that once took up to eight hours to complete can now be finished in less than 45 minutes with Clearingworks. And, since Clearingworks is designed to handle a full range of deposit volumes and types of transactions, The Bankers Bank's use of Clearingworks will streamline the handling of automated clearing house (ACH) deposits, lockbox deposits and remote-captured deposits.