EFD (or eFunds Corporation) was a

Scottsdale, Arizona Scottsdale is a city in eastern Maricopa County, Arizona, United States, and is part of the Phoenix metropolitan area. Named Scottsdale in 1894 after its founder Winfield Scott (chaplain), Winfield Scott, a retired Chaplain Corps (United States ...

based payments processor of electronic payments including debit card and automated teller machine (ATM) transactions. It provided financial service companies and other large enterprises with new account decisions,

fraud detection In law, fraud is intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), civil law (e.g., a fraud victim may sue the fraud perpetrato ...

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 dow ...

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. Annually, FIS ...

, 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 Value (economics), economic value in a business, firm by managing exposure to financial risk - principally credit risk and market risk, with more specific variants as listed aside - as well ...

and electronic transaction 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) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

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, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...

, eFunds employs more than 5,000 employees in its

Software Development Software development is the process of designing and Implementation, implementing a software solution to Computer user satisfaction, satisfy a User (computing), user. The process is more encompassing than Computer programming, programming, wri ...

, BPO and IT services operations in

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

Gurgaon Gurgaon (), officially named Gurugram (), is a satellite city of Delhi and administrative headquarters of Gurgaon district, located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest ...

and

Chennai Chennai, also known as Madras (List of renamed places in India#Tamil Nadu, its official name until 1996), is the capital city, capital and List of cities in Tamil Nadu by population, largest city of Tamil Nadu, the southernmost states and ...

. The company has been ranked among the top three BPO providers in the country.

References

External links

eFunds Corporation

Fidelity National Information Services

FIS 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

Company history

EFD/eFunds International

See also

References

External links