EFD was an American payments services company. It provided financial service companies and other large enterprises with new account decisions,
fraud detection
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensa ...
and
payment processing
A payment processor is a system that enables financial transactions, commonly employed by a merchant, to handle transactions with customers from various channels such as credit cards and debit cards or bank accounts. They are usually broken do ...
services. On June 27, 2007,
Fidelity National Information Services
Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 202 ...
, 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
Deluxe Corporation is an American payments and business technology company. Its four business divisions comprise payments, cloud, promotional products, and checks. As of 2020, Deluxe has approximately 4.5 million small businesses and 4,000 fin ...
, 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
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
, 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
Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...
,
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
Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...
. The company has been ranked among the top three
BPO providers in the country.
See also
*
ChexSystems
ChexSystems is a check verification service and consumer reporting agency owned by the eFunds subsidiary of Fidelity National Information Services. It provides information about the use of deposit accounts by consumers.
History
In 1991, the ag ...
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