SOURCE: eFunds Corporation

November 09, 2005 04:01 ET

BRD, a Subsidiary of the Société Générale Group, to Convert to eFunds' Multinational Card Processing Platform

Romanian Bank Is First European Société Générale Subsidiary to Outsource Payments Processing

SCOTTSDALE, AZ -- (MARKET WIRE) -- November 9, 2005 -- eFunds Corporation (NYSE: EFD), a leading provider of electronic payments, global outsourcing and risk management solutions, today announced that it has reached an agreement with Romanian bank BRD, a subsidiary of the Société Générale Group, to provide outsourced card processing services.

In June of this year, eFunds signed a contract with Société Générale to provide complete card processing services for the bank's international retail subsidiaries, including ATM management, merchant acquiring, back office services and card management. BRD, the second largest bank in Romania by assets, is the first European subsidiary of Société Générale Group to enter into agreement with eFunds for these card-processing services.

The bank aims to leverage eFunds' services to complement its recent program of investment to improve bank access for its retail customers, including expansion of its network of branches, cards, ATMs and POS devices. Today the bank has more than 290 branches, 1.14 million cards in circulation, 557 ATMs and more than 4,600 POS devices. Romania is one of the fastest developing banking markets in Eastern Europe, with regulatory change promoting full harmonization with the EU banking infrastructure and stimulating significant growth. Nevertheless, the distribution of plastic cards is still far lower than in many of the acceding European countries, with a total of only approximately 6.2 million cards in circulation, of which less than 1 million are credit cards. Card penetration is very low, with fewer than 0.3 cards per head of population*.

"Enormous scope remains for retail banking growth in Romania," commented Paul Walsh, CEO, eFunds Corporation. "By moving all its card management activities onto the eFunds processing platform, BRD will find it easier to implement new compliance standards such as Europay MasterCard Visa (EMV), as well as having access to scalable first-class processing capabilities that can support its aims to expand customer reach and grow its share of customer wallet."

"eFunds is providing us with a standardized and proven processing capability that will be consistent with other parts of the Société Générale Group," explained Patrick Gelin, Chairman and CEO, BRD. "This will enable us to rapidly introduce innovative products to satisfy consumer demand and gives us the basis for expanding our card transaction volumes to take advantage of opportunities for debit and credit-based card growth in the local market."

*Source: Romcard, Romanian Ministry of Communications and Information, Datamonitor estimates

About BRD, a subsidiary of the Société Générale Group

BRD is Romania's second bank, in terms of assets. It holds a medium market share of approx. 18% and has the second biggest market capitalization on the Bucharest Stock Exchange (approx. EUR 2.5 billion). BRD manages a portfolio of more than 1.6 million customers and operates a network exceeding 290 branches across the country. The bank has obtained, in the end of the first semester of the year 2005, a net profit of EUR 83 M.

About eFunds

eFunds Corporation is an industry leader with nearly 30 years of experience and expertise in electronic payments and risk management. eFunds offers electronic funds transfer software and processing, risk management and related outsourcing solutions to financial institutions, electronic funds transfer networks, retailers, telecommunications providers and government agencies around the world. Committed to providing excellent customer service and award-winning products, eFunds enables its clients to reduce transaction and infrastructure costs, detect potential fraud and enhance relationships with their customers.

Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are "forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Factors that could result in such a variation include, but are not limited to, the inherent unreliability of earnings and revenue growth predictions due to numerous factors, including many beyond the Company's control, potential difficulties, delays and unanticipated expenses inherent in the development and marketing of new products and services, competitive factors, the unpredictability of merger and acquisition activity, and the numerous risks and potential additional costs, disruptions and delays associated with the establishment of new business initiatives. Additional information concerning these and other factors that could cause actual results to differ materially from the Company's current expectations is contained in the Company's Quarterly Report on Form 10-Q for the period ending September 30, 2005.

eFunds Corporation
Gainey Center II, Suite 300
8501 North Scottsdale Road
Scottsdale, AZ  85253

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