eFunds Corporation (NYSE:EFD), a leading provider of risk management, electronic payments, ATM, and global outsourcing solutions, today announced that it has expanded its strategic alliance with BISYS (NYSE:BSG - News), a leading provider of business process outsourcing solutions for the financial services sector, to make available selected ACH processing services to the suite of electronic banking services it now offers to its bank clients across the nation.
The new services are an addition to a June 2003 agreement for ATM and debit card processing solutions. While terms of the ACH processing agreement were not disclosed, system integration is already underway. BISYS will augment its existing ACH services with eFunds' ACH processing system to enhance functionality and provide system expansion capabilities.
Under a second agreement signed in October 2003 with Chex Systems, Inc., a wholly owned subsidiary of eFunds, the ChexSystems suite of risk management services is now integrated into BISYS' customer care solution for banks, the Relationship Manager Suite (RMS). RMS, powered by Siebel eBusiness Applications, provides complete solutions for bank service, sales, and marketing. In addition, BISYS anticipates integrating ChexSystems into its relational core processing platform by the fourth quarter of 2004.
The announcement expands the existing relationship BISYS has with eFunds as a reseller of electronic payment solutions, and extends the suite of services BISYS provides to its bank clients through its core processing platforms and integrated ancillary products. The collective agreements substantiate eFunds' strategy to offer customers a single-vendor solution for innovative payment and risk management technology that helps them respond to changing market dynamics, consumer demands, and new forms of competition.
The ChexSystems product suite is designed to assist BISYS' bank clients manage risk, fraud, and compliance, and better optimize revenue during the critically important process of opening new customer accounts. ChexSystems' industry-leading new account opening solution is used at more than 95,000 financial institution locations across the country.
"We are pleased to expand our relationship with eFunds," said Bill Neville, president of BISYS Information Services. "eFunds' solutions complement BISYS' ACH, risk management, ATM, and debit processing offerings, and provide important functionality to our clients without the need for costly bank infrastructure investments. Expanding our alliance with eFunds further enriches our set of comprehensive bank automation solutions and processing services, which in turn will help our clients better compete and succeed in the dynamic marketplace."
"The expansion of our relationship with BISYS underscores eFunds' commitment to help our customers benefit from a complementary suite of payment and risk management solutions," said Paul Walsh, chairman and CEO of eFunds Corporation. "Our 'one company, many connected parts' market strategy is taking shape and driving eFunds' value proposition into our partnerships, ultimately resulting in superior products, services, and value to the end customer."