SCOTTSDALE, Ariz. - eFunds Corporation (NYSE: EFD) has expanded its strategic alliance with BISYS (NYSE: BSG), a provider of business process outsourcing solutions for the financial services sector, to make available selected ACH processing services.
The new services are an addition to a June 2003 agreement for ATM and debit card processing solutions. While terms of the ACH processing agreement were not disclosed, system integration is already underway. BISYS will augment its existing ACH services with eFunds' ACH processing system to enhance functionality and provide system expansion capabilities.
Under a second agreement signed last October with Chex Systems, Inc., a wholly owned subsidiary of eFunds, the ChexSystems suite of risk management services is now integrated into BISYS' customer care solution for banks, the Relationship Manager Suite (RMS). In addition, BISYS anticipates integrating ChexSystems into its relational core processing platform by the fourth quarter of 2004.
The announcement expands the existing relationship BISYS has with eFunds as a reseller of electronic payment solutions, and extends the suite of services BISYS provides to its bank clients through its core processing platforms and integrated ancillary products.
The ChexSystems product suite is designed to assist BISYS' bank clients with risk management, fraud and compliance, and better optimize revenue during the process of opening new customer accounts. ChexSystems' new account opening solution is used at more than 95,000 financial institution locations across the country.
"We are pleased to expand our relationship with eFunds," said Bill Neville, president of BISYS Information Services. "eFunds' solutions complement BISYS' ACH, risk management, ATM, and debit processing offerings and provide important functionality to our clients without the need for costly bank infrastructure investments."
