eFunds Partner with WildCard

Wednesday 17 November 2004 00:02 CET | News

eFunds has formed a partnership with WildCard Systems, to combine eFunds EFT debit product suite with WildCards industry-leading stored value/prepaid card capabilities to offer a single source for both EFT and stored value processing capabilities.

Through the partnership, customers are able to leverage the combined EFT and stored value solutions in a single system from eFunds, providing a single point of settlement and reporting that will support virtually any type of stored value program. The stored value/prepaid card market, including gift cards, payroll cards and benefits cards, is one of the strongest growing payment market segments. According to IDC Financial Insights, the stored value/prepaid card will be used to purchase $290 billion of goods and services annually by 2006. Stored value solutions are a natural extension of traditional EFT processing and this solution will operate on the robust transaction-processing infrastructure and secure payment system networks already developed and operated by eFunds. In the future, eFunds will also incorporate stored value card issuing and management capabilities within CONNEX Open Enterprise, the companys next-generation payments platform. Within this solution, customers will have a single point of access via eFunds DataNavigator software for research, reporting, settlement, adjustments and reconciliation of accounts. In addition, eFunds customers now have a single business and operational point of contact for stored value and pre-paid card solutions and will not need to be trained on multiple systems from multiple vendors. The solution is currently undergoing Beta testing at a number of organizations, including Old Second Bank, headquartered in Illinois.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce