STRATEGIC PARTNERS
May 26, 2003
SCOTTSDALE, Ariz. -- Andrews Federal Credit Union (AFCU) has chosen eFunds Corporation (Nasdaq: EFDS) to provide ATM driving services and network access to their members in the United States and Europe.
According to a news release, implementation began in March and should be complete by year-end.
AFCU, which has $650 million in assets and more than 99,000 members in four countries, previously drove its own ATMs. According to the release, the decision to outsource to eFunds was made largely because eFunds has currency conversion technology to support ATMs that dispense both U.S. dollars and international currencies from a single machine.
Outsourcing the driving of its ATMs also "will prove more cost effective for our overall business strategy," said Jane Bamber, vice president of operations at Andrews Federal Credit Union, in the release.
AFCU was introduced to eFunds through an existing EFT services partnership with ENCORE Electronic Services Cooperative, Inc., a credit union service organization that provides member credit unions with affordable access to local and national services through cooperative pricing. More than 110 credit unions are members of ENCORE; more than half of them are eFunds customers.
Michael Feliciano, senior vice president and division executive, EFT solutions at eFunds Corporation, said in the release, "eFunds is able to provide AFCU with more EFT features, functionality and leading risk management tools than if they continued to drive their ATMs in-house."
