eFunds Aquires Penley and Loss Control Solutions

Wednesday 21 April 2004 09:37 CET | News

eFunds has aquired Penley and Loss Control Solutions(LCS), the aggregate initial purchase price of approximately $6 million for Penley and LCS was funded from existing cash on hand.

The Penley acquisition reinforces and expands the presence of ChexSystems in the new account opening process. The ChexSystems suite of products is already in place at more than 95,000 financial institution locations across the nation. Integrating these leading risk and fraud management solutions with Penleys industry-leading software, will provide an ID Verification solution unrivaled in the industry. LCS software is currently in use at some of the countries largest financial institutions and provides an opportunity to deepen ChexSystem existing relationships with over 8,800 financial services clients. LCS will allow customers to better utilize eFunds leading fraud and transaction alert services and provide a platform to aggregate and manage fraud and risk in a more controlled, secure and seamless process.

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Categories: Payments & Commerce | Payments General
Countries: World
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