eFunds Delivers Check Verification Service to Rite Aid
NEW YORK, Jan. 13 -- Today at the National Retail Federation 93rd Annual Convention & Exposition, eFunds Corporation (NYSE: EFD - News), the leading provider of risk management, electronic payments, ATM and global outsourcing solutions, through its subsidiary Deposit Payment Protection Services, Inc. ("DPPS"), today announced that it will provide SCAN(SM) services to Rite Aid Corporation. SCAN(SM) is the industry`s leading check verification solution providing services that help to control check loss and fraud at the point-of-sale.
"Rite Aid`s partnership with eFunds fits in with our focus- providing a superior pharmacy experience to our valued customers," said Doug Long, Manager of Revenue Accounting, Rite Aid Corporation. "SCAN(SM) is a good tool to control check losses and deliver superior customer service at the point-of- sale."
According to a 2003 Nilson Report, 1.2 million worthless checks are written daily. The SCAN(SM) risk management service enables retailers to achieve significant cost savings through the reduction of check fraud and transaction losses, and reduced payment processing and servicing costs. SCAN(SM) verified an estimated 3.5 billion checks worth over $200 billion in 2002 and has been ranked as the number one provider of check verification services by the Nilson Report for the last 10 years.
"eFunds is pleased that Rite Aid has selected SCAN(SM) as its check verification and fraud service. We are committed to helping Rite Aid and all our retail customers control fraud and improve customer service through continuous improvements to SCAN(SM) and our other risk management solutions," said Rahul Gupta, senior vice president of eFunds Risk Management Solutions. "Adding Rite Aid to our list of major retail customers validates eFunds` commitment to delivering best-of-class solutions and superior customer service."
About Rite Aid Corporation
Rite Aid Corporation is one of the nation`s leading drugstore chains with annual revenues of nearly $16 billion and approximately 3,400 stores in 28 states and the District of Columbia. Information about Rite Aid, including corporate background and press releases, is available through the company`s website at www.riteaid.com.
About eFunds
Headquartered in Scottsdale, Ariz., eFunds Corporation (NYSE: EFD - News) 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 its clients to reduce transaction and infrastructure costs, detect potential fraud and enhance relationships with their customers. eFunds is one of the largest third-party processors of electronic funds transfers (EFT), is the largest non-bank deployer of ATMs in North America, and is the provider of the world`s 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 Company`s Annual Report on Form 10-Q for the quarter ending September 30, 2003.
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