Paymentech Direct Response Merchants Launching First-Ever Participation in Largest U.S. Check Verification Database
Ground-breaking Move to Help Stop Fraudsters in Person and Online
DALLAS, Oct. 6, 2004 - Paymentech, a national electronic payment processor, will announce at the Telecom `04 conference that through an exclusive agreement with eFunds (NYSE: EFD), direct response merchants will become the first ever to contribute to the country`s largest check verification database, the Shared Check Authorization Network (SCAN).
Until now, only traditional brick and mortar retail merchants have contributed to the SCAN database, owned by eFunds Corp. The new Paymentech agreement allows online, catalog and direct response merchants to contribute as well, effectively stopping hot check writers in their tracks. Paymentech is the only processor whose direct response merchants contribute to the SCAN database.
"We chose to partner with SCAN because their merchant customers are most closely aligned with ours," said Paymentech`s Larry De Palma, Director, Product Management. "This really is revolutionary, because together we are creating a database that can now be shared with retailers in every space. It will be the most comprehensive check verification database available."
SCAN check verification is a value-added service offered to merchants accepting electronic check payments via Paymentech`s all-new eCheckSelect product suite, launched this year. eCheckSelect enables merchants to accept electronic checks initiated via point of purchase (POP), Internet (WEB), telephone (TEL), accounts receivable (ARC) or recurring debit.
About eFunds
eFunds Corporation (NYSE: EFD) is an industry leader with nearly 30 years of experience and expertise in electronic payments. eFunds provides electronic transaction software and processing solutions, ATM solutions, risk management and global outsourcing solutions to financial institutions, electronic funds transfer networks, government agencies and retailers around the world.
About Paymentech
Paymentech, L.P. processes more payment transactions than any other company in North America - and more than half of all Internet transactions - for retailers accepting U.S. and international payments via traditional point of sale, Internet, catalog and recurring payments. The privately held company, founded in 1985, is an end-to-end processor for merchants of all sizes and industries. Paymentech`s 1,500 employees work in multiple locations, including the Dallas headquarters; New York; Salem, NH; Tampa, FL; and Tempe, AZ. In 2003, Paymentech and its Canadian affiliate, based in Toronto, processed 7 billion transactions and $162 billion in sales volume in 14 currencies.
Learn more about Paymentech`s payment processing services at www.paymentech.com
CONTACT:
Laura Lambeth
Paymentech Public Relations
214-849-3523
laura.lambeth@paymentech.com
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