eFunds Corporation (NYSE: EFD), a leading provider of risk management, electronic payments, ATM and global outsourcing solutions, on 2004 announced an enhanced agreement between Chex Systems, Inc, a wholly-owned subsidiary of eFunds Corporations, and Fiserv, Inc. (NASDAQ: FISV), a provider of industry leading information management systems and services to the financial industry. Key to the agreement, which continues a 15-year relationship between the companies, is tighter integration of the ChexSystems(SM) product suite into Fiserv's banking and credit union core processing systems, which will provide improved workflow and decisioning capabilities to Fiserv clients.
eFunds' ChexSystems(SM) product suite boasts advanced identity verification, fraud prevention, risk management and revenue optimization software and services.
"Fiserv is committed to providing the expertise and proven technology solutions that support branch automation and seamless integration for the delivery of critical data and reports to our clients," said Norm Balthasar, Fiserv senior executive vice president and chief operating officer. "Our agreement with eFunds will provide our clients with the best technology, data, analytics, and services to help open more profitable accounts and improve the new account opening process."
The ChexSystems(SM) product suite helps financial services providers perform all of the necessary steps to verify consumer identities and assess the potential for fraud with new account applications. Further, the ChexSystems(SM) product suite ensures compliance with Section 326 of the USA PATRIOT Act, analyzes the risk of each account, and provides real-time decision solutions that allow appropriate privilege setting and maximizes cross-selling opportunities.