MILWAUKEE -- eFunds Corporation, a subsidiary of Deluxe Corporation (NYSE: DLX), announced that a new continuous settlement feature has been added to its DataNavigator™ software.
"DataNavigator's new features solve many of the challenges facing EFT processors today," said Bill Hammel, leader of eFunds software solutions group. "Processors need information now rather than in a batch at the end of the day."
The continuous settlement feature transfers information about each EFT transaction almost instantaneously -- virtually eliminating batch processing -- although actual movement of money may still take place at the end of each business day.
According to John Whitmarsh, an analyst at the Standish Group, a Massachusetts-based research firm, "For financial and retail organizations that run their own national or regional ATM or POS networks and for credit unions, DataNavigator is a powerful tool for streamlining paper-based and batch operations." Standish released an independent research report about DataNavigator in January.
Among the new features:
• Transactional data is updated in near-real time, allowing users to see settlement positions at any time.
• Users access information through a single venue, making it easy to retrieve and display data.
• Totals accumulate at the lowest level, allowing users the flexibility to see settlement positions based on their specific business need.
• Users can define the end of day for each POS device, institution or processor.
• Users can analyze how a particular store, terminal or cashier is performing.
eFunds uses DataNavigator in its own EFT processing center in New Berlin, Wis. As the largest third-party processor, eFunds processes more than 5 billion transactions a year with volume during peak periods reaching 12 million switched transactions a day, including ATM and POS transactions.
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