SUGAR LAND, Texas, June 14, 2012 /PRNewswire/ -- US Dataworks, Inc. (OTC Bulletin Board: UDWK), a leader in cloud payment processing solutions, today announced its certification and acceptance into the Canon Strategic Alliance Partner Program. Participation in the program is expected to usher in a new era in check imaging and payment automation services for small to mid-sized businesses (SMBs) currently underserved by existing remote deposit capture services, lockbox solutions or traditional merchant services. In addition, the partnership brings more than 100 authorized Canon resellers eager to expand their service offerings to include the Clearingworks® cloud solution.
The Time is Right for a New Generation
According to industry analysts at Celent, the number of SMBs subscribing to a Remote Deposit Capture solution is expected to more than triple over the next two years, growing from a mere 6% to over 22% of the total market.** The SMB market is currently estimated at 55 million businesses, which represents a market value of over $1 billion annually in remote deposit capture service fees. The Company believes that financial institutions and their check scanning providers like Canon resellers are hungry for the next generation of solutions designed specifically to meet the needs of the SMB market. The Clearingworks solution combined with the Canon Strategic Alliance Partner Program should satisfy this demand through the unique cloud offering and partner network.
"Canon is a natural partner for us," stated Marc Palombo, Senior Vice President of Sales for US Dataworks. "Canon is widely known as the leader in imaging solutions for businesses, including check scanners and multi-function scanners. Image quality and equipment performance is a key differentiator for Canon in addressing the SMB market. When this level of quality is combined with Clearingworks, our highly-scalable payment processing cloud software platform, you have a unique opportunity to accelerate real change in the marketplace. We are excited about this opportunity and look forward to welcoming Canon's 100 plus authorized resellers to the Clearingworks partner program with open arms."
Quality and Scalability is the Key for Success
Canon is well-known for delivering high-quality and reliable imaging solutions for the small to mid-sized business market and relies on a solid network of reseller partners to provide sales and support of various components and equipment specific to the financial and corporate billing marketplace.
"The benefits to Canon resellers are equally exciting," stated Steve Baxter, President of Technique Data Systems, a Canon platinum level reseller. "Our partnership with US Dataworks is positioning us to increase recurring revenue by adding the Clearingworks Remote Deposit Capture service and remittance processing service. Additionally, US Dataworks enables Technique Data to increase professional services revenue while helping our clients automate their check depositing and remittance processing operations. More importantly, our customers win by having a better overall remote deposit capture solution that is delivered through the Clearingworks cloud."
The Clearingworks cloud payment processing solution provided by US Dataworks currently services approximately 700 financial institutions, utilities, content providers, and credit card issuers, either directly or through our partner network. The company is trusted by their partners and clients to process more than 2 billion payments each year totaling almost $150 billion, which represents almost 6% of all domestic check volume according to the latest Federal Reserve Bank check study.***
The Unique Advantages of Clearingworks
Clearingworks is built on the four pillars of modern payment processing:
About US Dataworks
US Dataworks offers cloud computing on-demand payment processing services with proven enterprise-class payment, deposit, returns processing, and powerful payment analytic tools. US Dataworks is a trusted payments provider to financial institutions, telecommunications providers, content providers, corporate billers and government agencies. Additional information about US Dataworks is available at www.usdataworks.com.
About Canon U.S.A., Inc.
Canon U.S.A., Inc., is a leading provider of consumer, business-to-business, and industrial digital imaging solutions. With approximately $45.6 billion in global revenue, its parent company, Canon Inc. (NYSE:CAJ), ranks third overall in U.S. patents registered in 2011 and is one of Fortune Magazine's World's Most Admired Companies in 2012. Canon U.S.A. is committed to the highest levels of customer satisfaction and loyalty, providing 100 percent U.S.-based consumer service and support for all of the products it distributes. Canon U.S.A. is dedicated to its Kyosei philosophy of social and environmental responsibility. To keep apprised of the latest news from Canon U.S.A., sign up for the Company's RSS news feed by visiting www.usa.canon.com/rss.
*Number of Small and Medium businesses as reported by Frost and Sullivan
**According to the September 2011 Celent financial institution survey
***Based on the Federal Reserve Payments study released in December 2010
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 and our partnership arrangement with Canon. 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, 2011 filed with the SEC on July 13, 2011. These forward-looking statements speak only as of the date hereof. US Dataworks disclaims any obligation to update these forward-looking statements.
US Dataworks, Inc.
US Dataworks, Inc.
SOURCE US Dataworks, Inc.