SCOTTSDALE, Ariz. -- eFunds Corporation (Nasdaq: EFDS) has reached a strategic multiyear agreement with Concord EFS, Inc. (Nasdaq: CEFT) to provide Concord with its EFT processing and customer support software, professional services and other support that will enable Concord to consolidate its network switch processing onto a single EFT hardware and software platform.
Financial terms of the agreement were not announced.
In March, Concord announced a company-wide consolidation plan that included consolidating the multiple processing platforms of MAC, Cash Station and Star Systems, the three debit networks it has acquired over the last two years.
The eFunds software will facilitate this move by providing a seamless consolidation of the former STAR-West and STAR-East switch processing.
"While we are disappointed to lose the processing business we've provided to the former STAR-West, we are extremely pleased with this new agreement with Concord, which expands our already strong relationship to include a wide range of software, professional services and other operating assistance," said J.A. Blanchard, eFunds chairman and CEO. "This long-term agreement with Concord, the largest ATM and POS debit network provider, also represents our largest EFT software and services sale ever."
"eFunds' experience and knowledge in operating the former STAR-West network will be very helpful to us as we execute our previously-announced consolidation plan," said Edward A. Labry III, Concord president.
