Aquracy Changes Name To AQ2 Technologies And Expands Solution Portfolio
Aquracy, LLC, a leading provider of advanced turnkey transaction automation solutions, today announced that it has changed its name to AQ2 Technologies, LLC. Operating under the new AQ2 name, the company is making a transition from its role as a product-centric remittance software developer to an industry-focused payment solutions provider. The change in branding and strategic direction reflects the company's firm commitment to growing and evolving alongside the payment processing space.
Paper check volumes are on a slow and steady decline, and electronic and card-based payments are gaining consumer support. However, financial services research and consulting firm TowerGroup estimates that more than 68 percent of U.S. bill payments are still made by paper check. As paper check usage slowly declines, the costs associated with manual check processing continue to rise. Check 21 and ACH offer banks and businesses respite from manually processing paper checks by enabling them to convert, process and settle check payments electronically.
"Fueled by new trends and regulations in payment processing, the electronification of the paper check is revolutionizing the way traditional U.S. check payments are processed," said David Meany, president of AQ2. "Like the industry, AQ2 is also changing. We are expanding our portfolio to support new opportunities. We are also transitioning our proven technology into industry-specific payment processing solutions. Examples include AQ2 Gift and Donation and AQ2 Property Management, two unique solutions rooted in the same core technology but addressing different check processing requirements. We subscribe to the belief that one size does not fit all. AQ2, the next generation of Aquracy, will deliver payment processing solutions that are full-featured, highly scalable and designed for a variety of industries, including those in which we've already earned our solid reputation for excellence."
The AQ2 solutions enable financial institutions, corporations, nonprofits and government agencies to convert paper checks, remittances and donations into electronic images and data. Businesses can leverage AQ2 solutions to streamline check processing operations and reduce the high costs associated with manual processing: photocopies, data entry, deposit slip creation, transportation to the bank, etc. Electronic check processing is also proving to be valuable in the banking industry. Banks and credit unions are shielded from the threat of an inoperative transportation system, the primary driver behind Check 21 legislation. But Check 21-based AQ2 solutions also produce everyday operational benefits, including accelerated settlements, lowered check float, improved collections, and the reduction or even elimination of keystrokes.
"Other than the corporate and product branding modifications, customers will likely experience little, if any, change in the daily operation of AQ2. Our values, core technology and staff remain unchanged," said Meany. "AQ2's prospective customers stand to gain the greatest benefit from our expanded portfolio. In addition to being industry-specific, each of our solutions offers a unique level of customization that enables it to adapt to the individuality of any business."
About AQ2 Technologies, LLC
Founded in 1999 and headquartered in Birmingham, Ala., AQ2 Technologies, LLC (formerly Aquracy) is a leading provider of advanced industry-specific transaction automation solutions for check, remittance and lockbox processors. By seamlessly integrating imaging, data recognition and data management technologies, AQ2 technology creates an environment that enables organizations in a wide variety of industries to transform laborious paper-based payment processes into streamlined digital workflows, resulting in increased efficiency and reduced costs. AQ2's customer roster includes banks, credit unions, corporations, nonprofit organizations and government agencies. For more information, visit www.aq2tech.com.