SUGAR LAND, Texas, March 4, 2014 /PRNewswire/ -- US Dataworks, Inc., (OTC PinkSheets: UDWK) a leader in payment processing solutions, is pleased to announce the next step in providing a real-time receivables/payables solution. NextGen Receivables™ makes it simple for banks and business process outsource providers to fundamentally modernize their existing treasury management and lockbox solutions. Many banks continue to operate on outdated batch-oriented legacy systems that simply cannot keep up with the growing demands of today's business community. NextGen Receivables extends the portfolio of product offerings banks provide to their business customers, resulting in enhanced receivables automation, information reporting and business analytics.
According to a recent report by Celent, IT spending by North American Banks will reach $62.2 billion in 2014, with a strong focus on monetizing digital channels and enhancing user experience. The report also states, "Spending on wholesale banking will continue to climb, particularly as midsize banks look at upgrading aging cash and treasury management solutions."*
We believe that accounts receivable solutions are the first place banks should look when upgrading, as many legacy systems are not capable of expanding beyond traditional paper lockbox processing.
The newest version of NextGen Receivables includes these key enhancements:
- Ease of onboarding for all paper and electronic remittances.
- Single sign-on with existing treasury management systems to simplify the customer experience.
- Financial Dashboards for delivering actionable information and trends, exception resolution, and uploading/downloading files.
And since the NextGen Receivables is a suite of apps built on the Clearingworks® payments platform, banks can continue to extend functionality to quickly meet market demands. This should give forward-thinking banks a true competitive advantage over aging legacy systems that were designed as point solutions.
Donna Webb, EVP for Pinnacle Bank, recently implemented the NextGen Receivables Solution in less than 30 days. Donna commented, "The US Dataworks team made it simple to set up all of our customers on the NextGen Receivables Solution. With their help, we were able to complete our core banking migration at the same time we replaced our legacy lockbox solution. We now have the technology needed to continue expanding our Treasury Management Solutions."
The NextGen Receivables is available for immediate use in our private cloud or in our customers' data center. In either case, pricing for the solution includes a simple monthly platform fee plus a per transaction fee that also includes normal support costs, so there is never an upfront license cost.
About US Dataworks
US Dataworks is a leading innovator in payment processing technology. Our Clearingworks platform is a highly-scalable, open and cloud-optimized payment-processing platform, capable of handling all forms of payments. The Clearingworks platform is trusted to process billions of dollars in payments each day for banks, businesses and government agencies. Additional information about US Dataworks is available at www.usdataworks.com.
*According to Celent Report on IT Spending - January 24, 2014.
SOURCE US Dataworks, Inc.