Building on the eFunds 30-year history in check authorization, ATM processing and ACH processing, eXpress Deposit solutions provide check acceptors the ability to safely and expediently process their check deposits via the most cost effective method.

"The market is looking for ways to reduce its overall payment costs, including those associated with check acceptance and deposits," commented Rahul Gupta, Senior Vice President, Payment Account Solutions at eFunds Corporation. "This new service, combined with our recently released end-to-end ATM check image product, continues to demonstrate eFunds' leadership in creating solutions that allow financial institutions and retailers to reduce costs through Check 21 Legislation."

The Federal Check Clearing for the 21st Century Act (Check 21) went into effect in October 2004, allowing the creation of digital images of checks for deposit. By leveraging Check 21 and the ACH network, eXpress Deposit provides check acceptors with a tool to evaluate each check and determine the best route to clear that check using such factors as risk, ACH eligibility, depository costs, settlement windows, and float. Additionally, for returned checks, eXpress Deposit determines the most cost effective way to handle the item, thereby maximizing recovery efforts, involving such features as resubmission timing and Notification of Change integration.

"By adding eXpress Deposit to our set of check acceptance and settlement solutions, we are able to provide a systemic approach to reducing the overall costs of check acceptance," said Michael Bates, Director of Transaction Risk Solutions for eFunds. "The ability for check acceptors to easily combine risk management strategies, deposit strategies and recovery strategies allows them to most effectively manage their check processing with one turnkey approach."

eXpress Deposit provides check deposit services for retail back office, remittance processing, point of sale, internet checks, and telephone. It is fully integrated into the eFunds Retail Risk Solutions' current line of check related products.