eFunds to power U.K. payment system

DARESBURY, England - eFunds International Ltd., a subsidiary of eFunds Corp. announced that it will be working with Link Interchange Network Ltd., the United Kingdom's payments processor, to provide the core functionality for the new Faster Payments Service that delivers real-time funds transfer from one bank account to another.

Faster Payments will be powered by eFunds' Connex Open Enterprise software solution, allowing all transactions to move across banks in real time.

"We have a strong relationship with Link and our software already runs its network," said Ron Drake, managing director of eFunds International. "Faster Payments is the biggest development in the U.K. banking industry in the last decade, not only for consumers but for large corporations, and eFunds is pleased to bring its payments expertise to this important initiative."

According to a news release, Link is developing the core infrastructure for Faster Payments in partnership with Voca, the company responsible for processing direct debits and credits in the U.K. through a joint venture called Immediate Payments Ltd.

The Faster Payments Service is expected to launch in 2007, with implementation overseen by APACS, the Association for Payment Clearing Services. 

"We have strong experience in developing real-time online solutions in partnership with eFunds," said John Hardy, Link's chief executive. "We are confident that this innovative solution will create significant benefits for both consumers and corporations."