EFD was an American payments services company. It provided financial service companies and other large enterprises with new account decisions,
fraud detection and
payment processing services. On June 27, 2007,
Fidelity National Information Services, Inc. (FIS) announced that it was acquiring EFD in an all-cash transaction valued at about $1.8B. The target completion date for the acquisition was the 3rd quarter of 2007.
Company history
EFD was formed as eFunds Corporation in 1999 as a spin-off from
Deluxe Corporation, bringing together established players in
financial risk management
Financial risk management is the practice of protecting economic value in a firm by using financial instruments to manage exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as liste ...
and
electronic transaction
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of ...
processing services; previously distinct businesses within Deluxe.
In January 2000, iDLX Technology Partners, another Deluxe unit, combined with eFunds to add professional services and business process outsourcing capabilities to the new business. In June 2000, eFunds held its initial public offering on the
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
national market and later that year completed its separation from Deluxe.
In March 2007, eFunds Corporation announced its transition to its new corporate brand EFD.
EFD , eFunds International
Based primarily in the
US, EFD, eFunds International Limited extends EFD's services beyond North America. In
India, eFunds employs more than 5,000 employees in its
Software Development
Software development is the process of conceiving, specifying, designing, programming, documenting, testing, and bug fixing involved in creating and maintaining applications, frameworks, or other software components. Software development invol ...
,
BPO and
IT services operations in
Mumbai,
Gurgaon
Gurgaon (pronunciation: ʊɽɡãːw, officially named Gurugram (pronunciation: ʊɾʊɡɾaːm, is a city located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest of the nationa ...
and
Chennai. The company has been ranked among the top three
BPO providers in the country.
See also
*
ChexSystems
References
External links
eFunds CorporationFidelity National Information ServicesFIS Global
{{DEFAULTSORT:Efd (Efunds Corporation)
FIS (company)
Financial services companies established in 1999
Payment service providers
Companies based in Scottsdale, Arizona
2007 mergers and acquisitions
1999 establishments in Minnesota