CheckAlt Acquires U.S. Dataworks, Strengthens Lockbox and Electronic Payments Solution Suite

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In its third acquisition in six years, CheckAlt augments current integrated receivables products and market reach with U.S. Dataworks’ flexible insource technology, delivering an expanded solution suite for financial institutions and the businesses they serve.

CheckAlt, the largest independent lockbox and electronic payments provider in the country, today announced the acquisition of software provider and engineering firm U.S. Dataworks from The Bankers Bank of Oklahoma. This acquisition expands CheckAlt’s position to include insource capabilities, allowing banks and their business customers to internally capture all forms of remittance payments, including lockbox receivables. U.S. Dataworks’ web-based technology meets the needs for on-premise or remote processing and embeds the business intelligence to facilitate the conversion of paper payments to electronic.

“Recognizing that the U.S. Postal Service is going to be overwhelmed and distracted with mail-in voting and other impediments to normal delivery, we must enable additional solutions for our clients to capture payments on-site, remotely, or through any one of our 13 lockbox processing centers across the country,” said Shai Stern, Co-Chairman and CEO of CheckAlt. “Moreover, between the hundreds of financial institutions that both CheckAlt and U.S. Dataworks serve directly, we now have further reach to offer our full suite of payment solutions which include not only paper processing but as well our Catch! product and card processing services.”

While many have shifted to an outsourced lockbox solution, there are still controls and experiences that financial institutions and their corporate clients wish to customize and influence. They now have that option with the expanded receivables solution suite provided by CheckAlt with U.S. Dataworks. “There has historically been a dichotomy between financial institutions seeking to outsource as much as possible and insource as much as possible,” explained CheckAlt’s Chief Growth Officer Allison Murray. “With this acquisition, CheckAlt can now give them the best of both worlds—to outsource and insource as much or as little as they choose.”

In addition to acquiring its robust technology, CheckAlt welcomes U.S. Dataworks’ employees to its team. “I remember the day when Shai entered the payments business,” recalled David Peterson, President of U.S. Dataworks. “He brought Allison along shortly after the two left Vintage Filings saying they were going into the check processing business. Over the past 10 years, I’ve observed CheckAlt making significant strides in not only creating a great payments brand in CheckAlt, but also becoming the largest independent provider of receivables solutions in the nation. Following their forward-thinking investments into fintech companies such as Bankjoy, Q6 Cyber, Zaam, and the recent investment with Composable Analytics, Inc. to launch Scrypt, I am excited that the next step in my career was to bring U.S. Dataworks into the CheckAlt family.”

Also joining CheckAlt is Leilani Doyle, who directs product management for U.S. Dataworks. “One of the many benefits of this acquisition is how our services align with CheckAlt’s mission to support financial institutions and businesses with the transition to electronic payments,” explained Doyle, a 12-year veteran of U.S. Dataworks. “Both CheckAlt and U.S. Dataworks have proven the simplicity of migrating paper to electronic in several ways. These include preventing online bill payments from becoming checks, migrating paper payments for utility and property management bills to ACH and card transactions, and working with billers to convert invoice files to digital formats for simplified cash application and reconciliation. This close technical integration with banking systems and business accounting systems positions the combined CheckAlt and U.S. Dataworks products to lead the way in real-time and emerging payment channels.”

The Texas-based company provides flexible payment processing options through its web-based portal Clearingworks to hundreds of banks, credit unions, and direct business clients. “U.S. Dataworks has been a long-term trusted partner, serving The Bankers Bank and our respondents for many years,” said Don Abernathy, CEO of The Bankers Bank. “The product suites of U.S. Dataworks and CheckAlt are very symbiotic and this transaction will allow U.S. Dataworks to increase their reach with new products and new markets. We look forward to continuing as a client of U.S. Dataworks, and now CheckAlt, for many years to come.”

For more information or to request interviews, please contact Tiffany Rider at 209-285-0800 or email trider@checkalt.com.

About CheckAlt
In the past 10 years, CheckAlt has become the universal payment processing hub for hundreds of financial institutions across the country. As both bank agnostic and demographic agnostic, CheckAlt is uniquely positioned for payments convergence. It has been our focus to process check payments while also eliminating paper from the system with robust electronic payment APIs. CheckAlt’s solutions include lockbox processing across a nationwide hub-and-spoke network of processing sites, consolidated item processing, integrated treasury solutions, and mobile capture services. CheckAlt is headquartered in Los Angeles, Calif. For more information, visit https://www.CheckAlt.com.

About U.S. Dataworks
U.S. Dataworks, Inc., with locations in Sugar Land, TX and Oklahoma City, OK provides payment automation and integrated receivables technology to empower banks of any size to offer sophisticated treasury management services to their business customers. The flagship software, Clearingworks, takes treasury management solutions to a new level, by combining Intelligent Learning™ with proven integrated receivables technology to meet the changing demands of financial institutions and the businesses they serve. U.S. Dataworks, Inc. was formerly a wholly-owned subsidiary of The Bankers Bancorp of Oklahoma, Inc. More information is available at http://www.usdataworks.com.

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Tiffany Rider
CheckAlt
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