Source: TD Banknorth
eFunds Corporation (NYSE:EFD), the company that delivers innovative payment processing and information intelligence solutions, today announced that TD Banknorth Inc. (NYSE:BNK) selected the eFunds QualiFile service - part of the ChexSystems suite of products - to help simplify the new account decisioning process.
TD Banknorth is the latest of a series of top 100 financial institutions who have selected QualiFile.
TD Banknorth will use a customized QualiFile solution, built in conjunction with eFunds strategy consultants, in its retail locations throughout Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth had $40 billion of total consolidated assets and provided financial services to nearly 1.6 million households in the Northeast, as of September 30, 2006.
"As a tier one financial services company, TD Banknorth recognizes the importance of leveraging data, analytics, and automation at their new account desk to improve the profitability of customer accounts by providing the right products to the right customers at the right time," said Marty Romain, vice president of Data and Decisioning, eFunds. "TD Banknorth's decision to use QualiFile underscores its commitment to deploying best of class decisioning solutions across its enterprise."
QualiFile's unique data set and analytics, based on eFunds' proprietary DebitBureau database, are designed to predict deposit account risk, while integrating fraud and identification information with risk assessment into a single real-time business rules engine generating a simple response.
"eFunds is the leader in scored, automated decisioning solutions for the new account desk, and QualiFile will provide us better risk management, better service, and the ability to make better account opening decisions in line with our profitability goals," said JoAnn Leon, senior vice president of retail operations at TD Banknorth.
eFunds' ChexSystems suite of products, including QualiFile, is currently used at more than 100,000 financial institutions locations across the United States, including 96 of the top 100 banks. QualiFile has a proven history of improving customer profitability through better account opening decisions and increased cross sell rates. Currently, over a third of the new accounts opened using eFunds' ChexSystems product suite rely on QualiFile.