SOURCE: eFunds Corp

October 05, 2005 07:30 ET

eFunds Corporation Offers Complete Online Account Opening Solution

Banks and Credit Unions Now Have Access to Instant Account Opening and Funding

SCOTTSDALE, AZ -- (MARKET WIRE) -- October 5, 2005 -- eFunds Corporation (NYSE: EFD), a leading provider of risk management, electronic payments and global outsourcing solutions announced today that it will offer ChexSystems eXpress Accounts, a complete, online account opening solution that provides one source for demand deposit account data, decisioning, new account set-up and funding.

The ChexSystems eXpress Accounts offering brings together all of the components required for a comprehensive, real time online account opening and funding solution, including key functionality such as identity verification and fraud detection, new account risk, cross-selling and up-selling analysis, account verification, a management console for back office management, credit card/ACH funds transfer processing and system integration for complete debit card/check printing fulfillment.

"The market need is growing and customers are searching for a comprehensive and easy solution," commented Rahul Gupta, senior vice president, Payment Account Solutions at eFunds. "eXpress Accounts allows us to address the complete set of customer requirements around risk, compliance, workflow and integration. Offering a single solution gives our more than 9,000 clients the ability to more effectively compete in the market while growing their customer base and ultimately, the bottom line."

eXpress Accounts allows a consumer to instantly open and fund their new accounts through the Web. The platform can be fully branded and configured for the financial institution's unique needs and integrated into the core deposit environment for straight-through processing. Additionally, by extending the online application with single sign-on capabilities, the consumer can immediately access their new accounts and view transferred balances in real time through the financial institution's home banking system.

"Online account opening is an increasingly important part of a financial institution's online strategy," said Robb Evans, VP Account and Risk Solutions. "The ability for a consumer to open and fund their accounts instantly, without the need for delays caused by mail, manual approvals or processing, makes that consumer more likely to complete their application and utilize the financial institution's other online services."

eXpress Accounts can be extended across other delivery channels to further streamline the new account opening process. By extending the platform throughout branches, call center and Web site, a financial institution is able to manage consistent account opening practices across its delivery channels, exceed existing legacy system capabilities and improve time to market.

"In providing one solution for data, decisioning, account set-up and funding, eFunds will enable financial institutions to open more accounts with less cost and effort," states Gupta. "This seamless combination of software and data services will solidify eFunds' reputation as the leading solution provider of integrated DDA account opening solutions."

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 June 30, 2005.

Contact Information

  • For additional information:
    Chris Walker
    Brodeur Worldwide
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