SOURCE: eFunds Corporation

February 12, 2007 08:00 ET

eFunds and Digital Harbor Form Strategic Alliance for Enterprise Fraud Management Solutions

SCOTTSDALE, AZ -- (MARKET WIRE) -- February 12, 2007 -- eFunds Corporation (NYSE: EFD), the company that delivers innovative payment processing and information intelligence solutions, and Digital Harbor, a provider of risk and compliance solutions, today announced that they have formed a strategic alliance to deliver next generation fraud management solutions to leading financial institutions. Digital Harbor's robust composite application platform will enable eFunds to accelerate the introduction of integrated fraud management to meet increasing market demand. These solutions will enable leading financial institutions across the globe to take a more holistic view of fraud at the customer level and more effectively address its impacts across the enterprise.

Currently, financial institutions struggle with disparate fraud detection systems and processes. Without an integrated solution to manage and understand fraud and its linkages within and across channels, lines of business and products, institutions are left with inefficient, costly operations that contribute to increased risk exposure and, potentially, financial loss.

"In contrast to a siloed approach where fraud systems are at the core of fraud strategy, enterprise fraud management goes far beyond the actual antifraud systems to include best practices in data and business process management, analytics, integration, and data protection," said Guillermo Kopp, executive director and research fellow at TowerGroup.

eFunds' thirty-five years of domain expertise including fraud, account decisioning and payment processing is a strong fit with Digital Harbor's proven delivery of fraud, anti-money laundering and know your customer applications. Together, the companies bring a combination of heritage, innovation and customer focused solutions designed to better understand potential threats, take faster corrective action and reduce the increasing cost of compliance.

"Solving this fundamental challenge of truly integrated fraud management requires collaboration from industry leaders," said Kay Nichols, executive vice president of strategy, marketing and product development at eFunds. "Digital Harbor is recognized as having the leading risk and compliance platform that enables financial institutions to gain greater insight into their most costly business problems."

"Together with eFunds, we look forward to delivering the next generation of fraud solutions that will enable customers to bridge silos, solve integration challenges across channels, and reduce the overall cost of managing complex fraud operations," said Austin Wells, vice president of product management at Digital Harbor.

About eFunds

With more than 30 years of payment processing and information intelligence expertise, eFunds delivers flexible, innovative solutions to the world's leading businesses. Leveraging mission-critical business insight, eFunds enables financial services companies, retailers, and government organizations to grow their businesses while reducing transaction and infrastructure costs, detecting potential fraud and building long-term customer value. eFunds' flexible delivery model means solutions can be run in-house, outsourced or anything in between, helping customers balance the need for control with operational efficiency and low cost of ownership. From the point of account opening to the settlement of every transaction -- debit, credit, or prepaid -- eFunds helps businesses win more of the right customers, serve them more efficiently and keep them.

About Digital Harbor

Digital Harbor develops integrated risk and compliance solutions on top of its innovative platform for intelligent composite applications. The platform allows customers and partners to rapidly develop information-intensive applications that create a single view of disparate data from multiple sources so business people can make better, faster operational decisions. While the company's platform can be used to meet a variety of business problems across multiple industries, Digital Harbor's initial focus is addressing risk & compliance needs in the financial services industry, including anti-money laundering, fraud management, Enhanced Due Diligence (EDD), Know Your Customer (KYC), sales practice, corporate security, and operational risk. These solutions allow people at all levels to fight risks and threats more effectively by composing a 360-degree picture of the customer, case, or risk.

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 Annual Report on Form 10-K for the period ending December 31, 2005 and subsequent Reports on Form 10-Q.

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

Contact Information

  • For additional information:
    Josie Lee
    Brodeur Worldwide
    Tel# 602-808-1162
    Cell# 602-284-5522
    Email Contact