EFunds restructures, prepares for geographic expansion

EFunds restructures, prepares for geographic expansion

US payments systems vendor eFunds Corporation is establishing a new global solutions unit as part of a corporate restructuring programme that will also see the consolidation of other units and a search for new senior management talent.

The newly-formed division will be headed by Jack Benton, former head of eFund's international operations, and will develop the firm's enterprise account management initiative, manage corporate partnerships such as the company's alliance with Mastercard, and oversee the development of consulting activities.

The formation of the new unit is part of a wider retrucuring at the firm. Under the plans eFunds is to merge its electronic payments and risk group into a new payment account solutions division, with a specific focus on the US market.

Kathleen Flanagan, former head of the the firm's global outsourcing group, has been promoted to lead a consolidated global services group responsible for outsourcing, ATM managed services and the company's international business.

EFunds says its is currently searching for a senior executive to lead its new strategy and marketing group which will be responsible for long-term market and product strategies in the financial services, retailing and telecommunications markets.

In a separate move, eFund's vice president of finance George Gresham is being promoted to senior vice president and chief financial officer following the planned retirement of Thomas Liston.

Gresham joined eFunds in April 2002 as corporate controller and became VP, finance in January 2004. Liston will continue with eFunds as a special senior administrative consultant.

Efunds has been on the acquisition trail of late, acquiring three security software firms - Penley and Loss Control Solutions for $6m and ClearCommerce for $19.4m. The company also sold off its network of 17,200 ATMs in the US and Canada to TRM Corporation for $150m.

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