eFunds, a business unit of Deluxe Corporation, announced that it has renamed Deluxe Electronic Payment Systems, Inc., as eFunds Corporation and has completed several key steps necessary to launch eFunds as an integrated electronic payment business.
“Today marks a key point in the progress eFunds has made since April 22, when Deluxe announced it would combine six previously separate businesses into a new electronic payment and electronic commerce powerhouse,” said Debra Janssen, president and CEO of eFunds. “Among other things, we have established a common sales, marketing, product management, information technology and administrative team to guide eFunds in accomplishing its goal of becoming a leading provider of electronic payment solutions. eFunds is a great name representing the great opportunity we have in the world of electronic payments and payment management.”
The building blocks of eFunds eFunds combines:
* DEPS, one of the nation’s leading third-party processors for electronic payments;
* DebitBureauSM, a unique decision-support capability and the most comprehensive source of debit data available;
* Chex Systems, Inc., the nation’s leading applicant verification network for financial services companies;
* Deluxe Payment Protection Systems, Inc., which provides SCANSM, the nation’s leading check authorization network serving retailers;
* an electronic check conversion business, which converts paper checks into electronic transactions at the point of sale;
* and Deluxe Data International, Ltd., the international affiliate of Deluxe Electronic Payment Systems, which provides EFT processing software, middleware and home banking solutions to financial institutions outside the United States and Canada.
Opportunity from combined strengths
eFunds’ payment processing and information strengths are already resulting in products and services that can help financial services companies and retailers manage, secure, and process debit transactions, while helping them fight fraud, manage risk, and maximize their opportunities with consumers. In addition to financial services companies and retailers, eFunds’ markets include electronic funds transfer networks and emerging opportunities with insurance companies, brokerages, telecommunications companies, utilities, and electronic commerce merchants and businesses. eFunds’ capabilities extend from traditional payment systems like the automated clearing house to the Internet and other e-commerce applications. For e-commerce, one of eFunds’ goals is to help make debit payments – which are under-represented on the Internet as a payment option for consumers and merchants – safe, easy to use, and widespread.
“We can help merchants and financial services companies at every step of an electronic debit transaction – from fighting fraud and verifying a payer’s identity when a payment is tendered, to processing the transactions, to actually moving the money,” Janssen said. “What sets us apart is our transaction processing strengths combined with our robust data sources and data analysis capabilities that result in payment management solutions that we can provide to our customers.”
eFunds provides leading electronic payments solutions, helping financial services companies and retailers manage, secure and process debit-related transactions while minimizing risk and optimizing customer opportunity. End-to-end solutions include customer and identity verification; and transaction authorization, capture, conversion, processing and settlement.
Deluxe is a holding company composed of four business units: eFunds, Deluxe Paper Payment Systems, iDLX Technology Partners and Deluxe Government Services. Deluxe is a Fortune 1,000 company headquartered in St. Paul, Minn. It was founded in 1915.Details