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eFunds Corporation (NYSE: EFD), a leading provider of risk management, electronic payments, ATM and global outsourcing solutions, announced today that it has renewed its agreement with decade-long partner, Encore Electronic Services Cooperative, a Credit Union Services Organization, to provide ATM driving, network access, debit card processing and other products to 65 Encore credit union members throughout the United States.
"Our relationship with eFunds continues to serve as an industry benchmark in terms of combined expertise in the credit union industry. Together, our companies provide exemplary levels of service that play a vital role in our member credit union's growth," said Tom Reed, president and CEO, Encore. "eFunds' dedicated account service, which is accessible by all 65 Encore credit union members, is a true differentiator in an increasingly competitive market."
According to the Credit Union National Association (CUNA), credit union membership in the U.S. has been on the rise since the credit union concept first took hold in the early 1940s. CUNA data from June of last year revealed that there are 9,875 credit unions in the U.S., serving 84 million members. Total assets for these credit unions are estimated at $617 billion.
"Encore has a commitment to growing their network, expanding their solution offerings and increasing their value to the credit union market on an ongoing basis, making them an important partner for eFunds," said Michael Feliciano, senior vice president and division executive, Electronic Payments Solutions at eFunds Corporation. "We look forward to continuing our long-standing relationship with Encore, contributing to their success and reinforcing their market value now and in the future."