EFunds Corporation was founded in 1996, marking the beginning of its journey as a leading provider of electronic payment and transaction processing solutions.
The company's early focus was on check imaging and electronic presentment, a technology that allowed businesses to convert paper checks into electronic transactions.
EFunds Corporation's innovative approach to electronic payments quickly gained traction, and by 2002, it had already processed over $100 billion in electronic transactions.
As the company continued to grow and expand its services, it became clear that its adaptability and willingness to evolve were key factors in its success.
Efd Corporation
Efd Corporation was formed as eFunds Corporation in 1999 as a spin-off from Deluxe Corporation.
In 1999, eFunds Corporation brought together established players in financial risk management and electronic transaction processing services, previously distinct businesses within Deluxe.
eFunds Corporation held its initial public offering on the NASDAQ national market in June 2000.
This marked a significant milestone in the company's history, allowing it to raise capital and expand its operations.
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Corporate Changes
EFunds Corporation underwent significant corporate changes, starting with its acquisition by Fiserv in 2008. This acquisition led to a major restructuring of the company.
EFunds Corporation was renamed Fiserv EFT Services, and its operations were integrated into Fiserv's existing payment processing business.
Fiserv EFT Services continued to operate under the EFunds brand until 2010, when it was fully absorbed into Fiserv's payment processing division.
The acquisition by Fiserv brought significant resources and expertise to EFunds Corporation, enabling it to expand its services and improve its technology infrastructure.
As a result of the acquisition, EFunds Corporation's employees were absorbed into Fiserv's workforce, and its operations were fully integrated into Fiserv's existing business.
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Frequently Asked Questions
Who bought eFunds?
Fidelity National Information Services, Inc. (FIS) acquired eFunds in 2007 for approximately $1.8 billion. The acquisition was an all-cash transaction announced on June 27, 2007.
What is FIS E Access?
FIS E-Access is a secure online platform providing clients with access to direct deposit origination services, risk management, and electronic payment solutions. It offers a centralized hub for managing DDA services and staying informed about EFT solutions.
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