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Companies offer patriot act compliance financial services Original Source Link: (May no longer be active)
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eFunds and MicroBilt Provide ChexSystems Product Suite to Financial Service Providers
ChexSystems(SM) Suite Available Through CreditCommander.com, Integration Kit
SCOTTSDALE, Ariz., April 26 /PRNewswire-FirstCall/ -- eFunds Corporation
(NYSE: EFD), a leading provider of risk management, electronic payments, ATM
and global outsourcing solutions, today announced a reseller and acquirer
partnership between Chex Systems, Inc., a wholly-owned subsidiary of eFunds
Corporation (Chex), and MicroBilt, a leading provider of credit bureau data
and decision intelligence reporting. Under the agreement, financial services
providers will be able to use ChexSytems(SM) advanced identity verification
and risk management services through CreditCommander.com, MicroBilt's premier
financial services site, or integrate into an in-house system or application
using MicroBilt's System Integration Tool Kit. ChexSystems(SM) account
verification services are installed in more than 95,000 financial service
provider locations. The Chex and MicroBilt partnership is designed to further
penetrate the market.
"MicroBilt is committed to providing our customers with the critical
information needed to assess the risk level of an individual account holder
during the critical new account set-up period. Through our partnership with
Chex, financial services providers can use the proven ChexSystems(SM) product
suite they already depend on through CreditCommander.com," said Mike
Garretson, senior vice president, MicroBilt. "Our partnership with Chex will
provide our customers with a comprehensive suite of technology services
designed to help effectively manage the new account process, identify and stop
potential identity manipulation and fraud and help address USA Patriot Act
compliance.
ChexSystems(SM) services is a comprehensive account opening solution that
helps financial services providers identify applicants whose accounts have
been closed for cause and who may pose a risk for account abuse.
Complementing ChexSystems(SM), Chex offers additional solutions that help
financial services providers improve risk assessment by identifying and
stopping potential identity manipulation and fraud in transaction accounts, a
comprehensive suite of proven DDA loss recovery services, debit reporting
services for credit issuers to augment credit information with a consumer's
debit history, as well as a complete identity verification module that
specifically helps non-DDA financial organizations gain compliance with
Section 326 of the USA Patriot Act.
"eFunds and its subsidiaries have a solid history of developing long-term
strategic partnerships with financial services technology providers to offer
our customers a breadth of solutions that cater to and grow with their
specific business needs," said Rahul Gupta, senior vice president and division
executive, eFunds Risk Management Division. "With this strategic partnership,
Chex will continue to make ChexSystems(SM) product suite available on the
MicroBilt platform, extending our industry-leading risk management solutions
to MicroBilt customers not currently using it."
About MicroBilt
MicroBilt Corporation, a division of Bristol Investments, Ltd., is the
single source and preferred provider of decision critical information that
responsibly assists businesses in reducing risk and managing their business.
MicroBilt provides online access to consumer and commercial credit bureau data
with automated decisioning and collection services. MicroBilt also offers
additional data products, which include a basic person search, criminal
conviction, bankruptcy, liens, judgments, motor vehicle, employment background
and bank history reports at http://www.CreditCommander.com or through a direct
interface utilizing their systems integration tool kit. Also, a leader in
proprietary financial data and analysis services through their subsidiary
Integra Information, they offer industry benchmarking, norms, valuation data,
risk management tools and other private company financial data that helps
companies get the answers they need, when they need them. Another subsidiary,
FIData Inc., offers instant online and call center lending solutions. The
company also enables businesses to enhance their content offerings by
delivering private labeled content or web sites to their established online
communities. MicroBilt is certified through and provides interfaces with the
three consumer bureaus, Equifax, Experian and Trans Union as well as, D&B and
Experian Business. The company maintains offices in GA and NJ. For more
information, call 1-800-884-4747.
About eFunds
eFunds Corporation (NYSE: EFD) is an industry leader with nearly 30 years
of experience and expertise in electronic payments. eFunds provides electronic
transaction software and processing, ATM solutions, risk management and global
outsourcing solutions to financial institutions, electronic funds transfer
networks, government agencies and retailers around the world.
Committed to providing excellent customer service and award-winning
products, eFunds enables its clients to reduce transaction and infrastructure
costs, detect potential fraud and enhance relationships with their customers.
eFunds is one of the largest third-party processors of electronic funds
transfers (EFT), is the largest non-bank deployer of ATMs in North America,
and is the provider of the world's largest debit database. http://www.eFunds.com.
Statements made in this release concerning the Company's or management's
intentions, expectations, or predictions about future results or events are
"forward-looking statements'' within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements are necessarily subject to
risks and uncertainties that could cause actual results to vary from stated
expectations, and such variations could be material and adverse. Factors that
could result in such a variation include, but are not limited to, the inherent
unreliability of earnings and revenue growth predictions due to numerous
factors, including many beyond the Company's control, potential difficulties,
delays and unanticipated expenses inherent in the development and marketing of
new products and services, competitive factors, and the numerous risks and
potential additional costs, disruptions and delays associated with the
establishment of new business initiatives. Additional information concerning
these and other factors that could cause actual results to differ materially
from the Company's current expectations is contained in the Company's Annual
Report on Form 10-K for the year ending December 31, 2003.
SOURCE eFunds Corporation
Web Site: http://www.efunds.com
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