US Dataworks says that its system will help reduce the service fees the banks are currently paying to clear their paper checks and will improve funds availability.
The firm will start installing its Clearingworks platform in the fourth quarter of 2006, enabling the bank to offer payment clearing services including image exchange, ACH and remote deposit/merchant capture to its customer banks, which it will market as Midwest Image Exchange Network (MIE.net).
US Dataworks’ platform incorporates the capabilities of the Clearingworks intelligent clearing engine to make ‘best fit clearing/least cost routing’ decisions for all items. The Clearingworks distributive capture web-based remote capture system is also included to facilitate the capture of financial documents of their customer banks and their corporate client base.
