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US Dataworks (Amex: UDW) today announced that it will be providing its paper-check-to-electronic-transmission solution as part of the Federal Reserve's CTAC (Check To ACH) product.
CTAC will enable banks across the country to electronically process their car loans, mortgage and other consumer product payments, in collaboration with the Federal Reserve System. CTAC will allow banks of all sizes to realize the potential of ARC payments and will position them to take advantage of additional efficiencies contemplated by Check-21, without significant capital expenditures. ARC permits the conversion of certain paper checks into electronic transactions that are processed through the Automated Clearing House.
"We're pleased that the pilot results have been successful and that the Federal Reserve System is rolling out CTAC as a product," stated Terry Stepanik, President and COO of US Dataworks. "CTAC will be offered in several configurations to accommodate banks' remittance processing requirements."