Windows comes to the back office of EFT
Announcement posted by eFunds International 18 Dec 2003
eFunds DataNavigator improves efficiency, customer service and profitability
Australian banks and financial institutions will gain more efficient management of their EFT (Electronic Funds Transfer) networks through a new Windows-based system for storing, analyzing and reconciling transaction data.
DataNavigator from eFunds is a single real-time repository for managing the information from EFT transactions conducted through ATM (Automatic Teller Machine) and POS (Point Of Sale) systems.
DataNavigator can assist banks and financial institutions to handle settlement, consolidation and management of transactions immediately, rather than hours later, as at present. The results include lower per-transaction costs, improved profitability and a significant improvement in customer service.
Every year the number of transactions generated by ATM and POS systems continues to grow rapidly, explained Peter Lloyd, Managing Director, eFunds International. For those involved in EFT management settlement reporting, transaction research or exception management this means increased challenges.
Databases grow and become more complex and disparate, and the costs of data management continue to escalate, continued Lloyd. Therefore banks, processors and other financial institutions are under pressure to respond to these challenges and reduce internal costs by automating routine processes, while improving levels of customer service.
DataNavigator was originally developed by eFunds for use in its own data center in the U.S., where the company is one of the largest third-party processors of EFT transactions, handling more than eight billion transactions annually.
Previously DataNavigator was only available on the IBM MVS platform but eFunds has migrated DataNavigator to the Windows platform. Major benefits are lower cost of ownership, ease of implementation and integration as well as savings in hardware and training costs.
In Australia, eFunds has already secured agreement from one bank to implement the new Windows version of DataNavigator, which will be generally available in Q1 of 2004.
DataNavigators main features are:
Transaction Research
With its real-time network feed, DataNavigator provides sophisticated research capabilities. Drawing from its online Data Repository, DataNavigator provides information about any transaction almost immediately after it has taken place. This information can also be exported to an Excel database for statistical analysis and data mining;
Exception management
DataNavigator revolutionizes exception processing by wrapping all of the vital exception management features into one convenient, scalable package. It saves back-office time by offering the ability to review the details of any transaction online, mere seconds after its posted. DataNavigator applies network-specific rules, eliminating the need for staff to know multiple network regulations when reviewing exception cases.
Continuous Settlement
DataNavigator receives and stores many raw totals and low-level counts relating to individual transactions. The continuous settlement function aggregates totals based on raw transaction data to facilitate inquiries, funds movement and reporting. DataNavigator eliminates the need for multiple balancing and reconciliation reports and initiates funds movement in multiple formats.
Report Writer
By creating a 24-hour virtual window, DataNavigator provides online and near real-time access to all necessary report information. This eliminates the need to run costly and time-consuming nightly reports. DataNavigator can conduct searches based on a combination of criteria and reports can be sorted by date and time; transaction types, ATM, series of ATMs or all ATMs, Network ID, issuer ID, acquirer ID etc.
Device Services
DataNavigator can be used for speedier, more detailed monitoring of an EFT network. With just one click of a mouse, DataNavigator immediately details the operational status of all devices on the network. It can identify problem ATMs and track device or network availability. It can even check cash levels at individual ATMs, as well as provide a single point for multiple balancing services, including the total cash in terminals, deposit verification and general ledger reconciliation.
About eFunds
Headquartered in Scottsdale, Ariz., eFunds Corporation (Nasdaq: EFDS) is an industry leader with nearly 30 years of experience and expertise in electronic payments. eFunds provides electronic transaction processing, ATM solutions, risk management, professional and outsourcing services to financial institutions, electronic funds transfer networks, government agencies and retailers around the world.
Committed to providing excellent customer service and award-winning products, eFunds enables their clients to reduce transaction and infrastructure costs, detect potential fraud and enhance relationships with customers. eFunds is one of the largest third-party processors of EFT, is the largest non-bank deployer of ATMs in North America, and is the provider of the worlds largest debit database. www.efunds.com.
Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Factors that could result in such a variation include, but are not limited to, the inherent unreliability of earnings and revenue growth predictions due to numerous factors, including many beyond the Company's control, potential difficulties, delays and unanticipated expenses inherent in the development and marketing of new products and services, competitive factors, and the numerous risks and potential additional costs, disruptions and delays associated with the establishment of new business initiatives. Additional information concerning these and other factors that could cause actual results to differ materially from the Company's current expectations is contained in the Companys Annual Report on Form 10-Q for the quarter ending September 30, 2003.
DataNavigator from eFunds is a single real-time repository for managing the information from EFT transactions conducted through ATM (Automatic Teller Machine) and POS (Point Of Sale) systems.
DataNavigator can assist banks and financial institutions to handle settlement, consolidation and management of transactions immediately, rather than hours later, as at present. The results include lower per-transaction costs, improved profitability and a significant improvement in customer service.
Every year the number of transactions generated by ATM and POS systems continues to grow rapidly, explained Peter Lloyd, Managing Director, eFunds International. For those involved in EFT management settlement reporting, transaction research or exception management this means increased challenges.
Databases grow and become more complex and disparate, and the costs of data management continue to escalate, continued Lloyd. Therefore banks, processors and other financial institutions are under pressure to respond to these challenges and reduce internal costs by automating routine processes, while improving levels of customer service.
DataNavigator was originally developed by eFunds for use in its own data center in the U.S., where the company is one of the largest third-party processors of EFT transactions, handling more than eight billion transactions annually.
Previously DataNavigator was only available on the IBM MVS platform but eFunds has migrated DataNavigator to the Windows platform. Major benefits are lower cost of ownership, ease of implementation and integration as well as savings in hardware and training costs.
In Australia, eFunds has already secured agreement from one bank to implement the new Windows version of DataNavigator, which will be generally available in Q1 of 2004.
DataNavigators main features are:
Transaction Research
With its real-time network feed, DataNavigator provides sophisticated research capabilities. Drawing from its online Data Repository, DataNavigator provides information about any transaction almost immediately after it has taken place. This information can also be exported to an Excel database for statistical analysis and data mining;
Exception management
DataNavigator revolutionizes exception processing by wrapping all of the vital exception management features into one convenient, scalable package. It saves back-office time by offering the ability to review the details of any transaction online, mere seconds after its posted. DataNavigator applies network-specific rules, eliminating the need for staff to know multiple network regulations when reviewing exception cases.
Continuous Settlement
DataNavigator receives and stores many raw totals and low-level counts relating to individual transactions. The continuous settlement function aggregates totals based on raw transaction data to facilitate inquiries, funds movement and reporting. DataNavigator eliminates the need for multiple balancing and reconciliation reports and initiates funds movement in multiple formats.
Report Writer
By creating a 24-hour virtual window, DataNavigator provides online and near real-time access to all necessary report information. This eliminates the need to run costly and time-consuming nightly reports. DataNavigator can conduct searches based on a combination of criteria and reports can be sorted by date and time; transaction types, ATM, series of ATMs or all ATMs, Network ID, issuer ID, acquirer ID etc.
Device Services
DataNavigator can be used for speedier, more detailed monitoring of an EFT network. With just one click of a mouse, DataNavigator immediately details the operational status of all devices on the network. It can identify problem ATMs and track device or network availability. It can even check cash levels at individual ATMs, as well as provide a single point for multiple balancing services, including the total cash in terminals, deposit verification and general ledger reconciliation.
About eFunds
Headquartered in Scottsdale, Ariz., eFunds Corporation (Nasdaq: EFDS) is an industry leader with nearly 30 years of experience and expertise in electronic payments. eFunds provides electronic transaction processing, ATM solutions, risk management, professional and outsourcing services to financial institutions, electronic funds transfer networks, government agencies and retailers around the world.
Committed to providing excellent customer service and award-winning products, eFunds enables their clients to reduce transaction and infrastructure costs, detect potential fraud and enhance relationships with customers. eFunds is one of the largest third-party processors of EFT, is the largest non-bank deployer of ATMs in North America, and is the provider of the worlds largest debit database. www.efunds.com.
Statements made in this release concerning the Company's or management's intentions, expectations, or predictions about future results or events are forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are necessarily subject to risks and uncertainties that could cause actual results to vary from stated expectations, and such variations could be material and adverse. Factors that could result in such a variation include, but are not limited to, the inherent unreliability of earnings and revenue growth predictions due to numerous factors, including many beyond the Company's control, potential difficulties, delays and unanticipated expenses inherent in the development and marketing of new products and services, competitive factors, and the numerous risks and potential additional costs, disruptions and delays associated with the establishment of new business initiatives. Additional information concerning these and other factors that could cause actual results to differ materially from the Company's current expectations is contained in the Companys Annual Report on Form 10-Q for the quarter ending September 30, 2003.