US Dataworks and Revo Payments Partner to Add the Simplicity of Electronic Invoicing to the Clearingworks Lockbox Solution Banks can now provide their customers a valuable new treasury management service bringing greater automation to receivables processing for businesses of all sizes.
SUGAR LAND, Texas, April 22, 2013 /PRNewswire/ -- US Dataworks, Inc. (OTC Bulletin Board: UDWK), a leader in cloud payment processing solutions, today announced it has partnered with Revo Payments to expand its Clearingworks cloud lockbox solution to include electronic invoicing. The combined product offering delivers an end-to-end eInvoicing and payment solution using private cloud technologies to make it easy to implement for businesses of all sizes. Banks can now serve their middle market customers with the advanced electronic lockbox technology and receivables automation previously available to only large corporations using highly customized solutions. The Clearingworks solution also images all paper invoices, remittance documents and checks for a complete invoicing and receivables solution.
"Revo Payments brings the same level of innovation and simplicity to the eInvoicing process that Clearingworks brings to lockbox and consolidated receivables processing," stated Marc Palombo, Senior Vice President of Sales and Channel Partners for US Dataworks. "Our partnership lays the foundation for the next generation in lockbox and receivables processing and will provide banks with a powerful strategic selling tool for acquiring new customers."
While businesses want to move to fully electronic processing, the reality is that almost 70% of all business to business payments are still made the old fashioned way by printing invoices and mailing checks.* The combined US Dataworks and Revo solution breaks down the barriers to achieving fully electronic invoice presentment and payments.
Mike Corbera, CEO of Revo Payments stated, "We are excited about partnering with US Dataworks to bring the flexibility of eInvoicing and payments to a broader audience of small to mid-sized businesses. Moving to fully electronic processing reduces waste and provides efficiencies to the whole economy. We are pleased to deliver this new combined solution to the thousand-plus banks currently served by the Clearingworks solution."
The combined US Dataworks and Revo solution will be offered as a cloud-based treasury management service delivered primarily through financial institutions. It is expected that banks will use the solution to attract new customers and create stronger bonds with existing customers.
Benefits of the solution include:
- expedited and simplified cash application
- ability to accept all payment types from all payment channels
- dashboards tailored to the user
- industry segment configurations
- consolidated reporting of all receivables
- simple to implement, simple to support
The solution will be showcased at Payments 2013, the National Automated Clearing House Association annual conference, in the US Dataworks booth #705 and in the Payments 3D Pavilion.
About US Dataworks
US Dataworks offers cloud payment processing services with proven enterprise-class payment, deposit, returns processing, and powerful payment analytic tools. US Dataworks' solutions are trusted to process $7 billion in payments each day for utilities, telecommunications providers, content providers, financial institutions and government agencies. Additional information about US Dataworks is available at www.usdataworks.com.
About Revo Payments
Revo Payments builds industry-focused commercial ePayments software. Our secure, hosted software offers vertical modules for: Property Management, Schools, Non-Profits, Utilities, and B2B clients, and is sold primarily through community banks and enterprise partners. The Revo Payment Dashboard integrates with third-party software and incorporates all payment types (credit cards, eChecks, recurring ACH, PayPal, and lockbox); all payment channels (mobile, web, voice, and in-person); and all payment services (Online Payments, eInvoicing, eVendor Payments, and remote deposit capture). The company has been in business since 2003, with offices in Venice, CA and Miami, FL. Our vision is to convert all paper-based commercial transactions to digital payments through bank software that supports unique industry needs. Learn more at www.revopayments.com.
Certain statements made in this press release (other than the historical information contained herein) constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements regarding our expectations concerning our current and future products, our partnering arrangement with Revo Payments and our eInvoicing solution. Any forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, but not limited to, the failure of our new solution to perform as anticipated, our ability to provide long-term customer value and agility, our ability to protect our intellectual property, our position in the marketplace, our ability to develop and timely introduce products that address market demand, the impact of alternative technological advances and competitive products, market fluctuations, our ability to repay or refinance our debt, our ability to realize the anticipated benefits from our business initiatives, and other risks detailed from time to time in our SEC reports including our Annual Report on Form 10-K for the year ended March 31, 2012 filed with the SEC on July 13, 2012. These forward-looking statements speak only as of the date hereof. US Dataworks disclaims any obligation to update these forward-looking statements. *According to the Celent Report on Evolution of Wholesale Lockbox
SOURCE US Dataworks, Inc.