eFunds Expands Alliance with BISYS

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 ChexSystems, 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.