Efunds Online
AUSTIN -- eFunds Retail Solutions, formerly ClearCommerce Corporation, today announced a new workflow and data management solution that helps Internet retailers improve the performance and efficiency of their manual order review process for suspicious transactions. The new eFunds RAPIDReviewer(TM) software is the first commercially available solution to automate the back-office manual order review process, enabling companies to review more online transactions in less time with greater accuracy and making the Internet a more profitable sales channel.
According to the Mercator Advisory Group, until now, technology has not been leveraged in the back office to automate, simplify and speed up the review of suspicious transactions. Merchants have been left on their own to develop review processes, utilizing applications not designed for fraud prevention.
"Fraudsters leverage technology to use stolen credit cards to make purchases on the Internet and the time has come for Internet retailers to fully leverage technology to stop them," said Mike Friedman, Director, Emerging Technologies Advisory Service at Mercator Advisory Group. "The RAPIDReviewer platform was designed by a former e-Commerce fraud prevention specialist and is the only solution available to Internet retailers that automates the entire order review process."
Internet retailers currently leverage decisioning technology for front-end order screening, which helps to identify legitimate orders and blatant fraud attempts. These front-end screening applications, such as eFunds' FraudShield, provide merchants with a recommendation to accept, reject or subject an order to further review. Most Internet retailers currently review 10 to 25 percent or more of orders booked on their websites and the number of orders requiring manual review will continue to increase as online purchases increase.
With eFunds RAPIDReviewer, companies can dramatically increase the number of orders reviewed with fewer resources and fewer mistakes. Making reviewers more efficient and accurate in the back office means Internet retailers can quickly fulfill more legitimate orders without risk of fraud losses, and significantly reduce the number of suspicious orders they simply reject or accept without adequate review.
Without an efficient manual review, legitimate orders are often rejected and fraudulent orders are accepted, resulting in lost profits, increased operating costs and poor customer relations. Inefficient order review processes often cause Internet retailers to limit their web store offerings for fear of fraud and allow fraudsters to succeed with their use of stolen credit cards.
"RAPIDReviewer fills a void in the current market for online fraud solutions, giving Internet retailers a workflow platform to conduct suspicious order review that is tailored to fraud prevention and the processes typically followed by a fraud review agent," said Michael Long, Director of Fraud Solutions for eFunds.
RAPIDReviewer is expected to be available in the summer for companies in U.S., Canada, and U.K., and following soon in the rest of Europe.
About eFunds
eFunds Retail Solutions, formerly ClearCommerce Corporation, is a subsidiary of eFunds Corporation (NYSE:EFD). With more than 30 years of payment processing and information intelligence expertise, eFunds delivers flexible, innovative solutions to the world's leading businesses. Leveraging mission-critical business insight, eFunds enables financial services companies, retailers and government organizations to grow their businesses while reducing transaction and infrastructure costs, detecting potential fraud and building long-term customer value. eFunds' flexible delivery model means solutions can be run in-house, outsourced or anything in between, helping customers balance the need for control with operational efficiency and low cost of ownership. From the point of account opening to the settlement of every transaction -- debit, credit, or prepaid -- eFunds helps businesses win more of the right customers, serve them more efficiently and keep them. Additional information is available at 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, the unpredictability of merger and acquisition activity, 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-K for the year ending December 31, 2005, as supplemented by its subsequent Quarterly Reports on Form 10-Q.
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