SOURCE: eFunds Corporation

January 23, 2007 08:00 ET

TD Banknorth Chooses eFunds QualiFile®

QualiFile Solution Selected to Simplify and Optimize New Account Decisioning

SCOTTSDALE, AZ -- (MARKET WIRE) -- January 23, 2007 -- eFunds Corporation (NYSE: EFD), the company that delivers innovative payment processing and information intelligence solutions, today announced that TD Banknorth Inc. (NYSE: BNK) selected the eFunds QualiFile® service -- part of the ChexSystems(SM) suite of products -- to help simplify the new account decisioning process. TD Banknorth is the latest of a series of top 100 financial institutions who have selected QualiFile.

TD Banknorth will use a customized QualiFile solution, built in conjunction with eFunds strategy consultants, in its retail locations throughout Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth had $40 billion of total consolidated assets and provided financial services to nearly 1.6 million households in the Northeast, as of September 30, 2006.

"As a tier one financial services company, TD Banknorth recognizes the importance of leveraging data, analytics, and automation at their new account desk to improve the profitability of customer accounts by providing the right products to the right customers at the right time," said Marty Romain, vice president of Data and Decisioning, eFunds. "TD Banknorth's decision to use QualiFile underscores its commitment to deploying best of class decisioning solutions across its enterprise."

QualiFile's unique data set and analytics, based on eFunds' proprietary DebitBureau® database, are designed to predict deposit account risk, while integrating fraud and identification information with risk assessment into a single real-time business rules engine generating a simple response.

"eFunds is the leader in scored, automated decisioning solutions for the new account desk, and QualiFile will provide us better risk management, better service, and the ability to make better account opening decisions in line with our profitability goals," said JoAnn Leon, senior vice president of retail operations at TD Banknorth.

eFunds' ChexSystems suite of products, including QualiFile, is currently used at more than 100,000 financial institutions locations across the United States, including 96 of the top 100 banks. QualiFile has a proven history of improving customer profitability through better account opening decisions and increased cross sell rates. Currently, over a third of the new accounts opened using eFunds' ChexSystems product suite rely on QualiFile.

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. www.efunds.com

About TD Banknorth Inc.

TD Banknorth Inc. is a leading banking and financial services company headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank Financial Group. At September 30, 2006, TD Banknorth had $40 billion of total consolidated assets and provided financial services to nearly 1.6 million households in the Northeast. TD Banknorth's banking subsidiary, TD Banknorth, N.A., operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth and TD Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking, private label credit cards, insurance premium financing and other financial services and offers investment products in association with PrimeVest Financial Services, Inc. The TD Banknorth common stock trades on the New York Stock Exchange under the symbol "BNK." For more information, visit http://www.TDBanknorth.com.

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.

Contact Information

  • For additional information:
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    eFunds Corporation
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