22 October 2017

US Dataworks processed 75% of accounts receivable conversions in US in 2003

27 February 2004  |  600 views  |  0

US Dataworks (Amex: UDW) today announced that it has processed through its systems for conversion into Accounts Receivable Conversions (ARC) a total of 122,251,558 Automated Clearing House (ACH) transactions for the 12 months ended December 31, 2003.

This total represents 76.4% of the entire ARC transactions processed nationwide through the ACH Network during 2003 (based on the numbers published by the National Automated Clearinghouse Association for the four quarters ended December 31, 2003).

ARC represents the fastest growing type of ACH Network transactions, having grown 882.7% from the year-end totals for 2002. The accelerated growth of ARC can be attributed to the passage of Check-21, the recently passed law enabling the conversion of paper checks into electronic payments causing merchants and banks to more readily adopt fully electronic check processing systems.

"We are very proud to state, with more than three-fourths of the entire universe of the Account Receivable Conversions passing through our systems, that our ARC solution has become the de facto standard for the industry," said Terry Stepanik, President and Chief Operating Officer for UDW. "We feel that our dominance in ARC, along with our seamless integration of our Check-21 solution onto our ARC systems, will pave the way for our continued successes in a fully electronic payment processing environment."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.atos.net visit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
14476 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
13045 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9783 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9658 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8790 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job