eFunds RAPIDReviewer Helps Online Retailers Leverage Technology to Reduce Operating Expenditures and Fraud Losses; Solution Inc
14 6월 2006 - 4:03AM
Business Wire
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.
Efunds (NYSE:EFD)
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