Women in ICT Awards
eFunds Acquires Webpay IP
- 17 February, 2004 16:36
<p>eFunds Acquires Webpay Intellectual Property</p>
<p>Strengthening payments solutions through the acquisition of Australian Internet payments provider</p>
<p>SYDNEY, Australia, 16th February 2004 – eFunds Corporation, a leading provider of electronic payments, risk management, ATM and global outsourcing solutions, announced today that it has acquired the intellectual property of Webpay, a privately-owned Australian payment software company. Under the terms of the agreement, eFunds has acquired the intellectual property for all Webpay products, and hired key employees.
Webpay, formerly owned by one of Australia’s largest banks - Australia and New Zealand Banking Group Limited - has built a range of proven Internet payment products that have been implemented in several major Australian banks and blue chip companies.
The acquisition adds depth to eFunds’ electronic payments portfolio; providing a highly scalable, secure and authenticated Internet payment gateway capable of handling both financial and non-financial messages. The foundation product – the Webpay Transaction Server - also provides niche capability allowing the management of merchants in real-time, controlling merchant authorization and access. This allows merchants to see the status of their accounts online and helps prevent Internet fraud by merchants or users.
“Acquiring the IP of Webpay is a good opportunity for us,” said Peter Lloyd, Managing Director Asia Pacific, eFunds International. “Webpay is an extremely innovative company, which is getting maximum benefit out of the Internet as a reliable and secure communications platform. Webpay provides specialist payments expertise to compliment our existing CONNEXTM and Oasis solutions.” eFunds has partnered with Webpay for a number of years, and in 2001 signed an international distribution agreement and invested in Webpay.
Aaron Bartrim, Webpay CEO, said “eFunds’ established products provide a secure framework for critical payments systems, and the Webpay products and skills fit well into that environment. We are excited about being part of eFunds Corporation, one of the leading players in the industry.”</p>
Headquartered in Scottsdale, Ariz., 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, ATM solutions, risk management and global outsourcing solutions 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.</p>
<p>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 Quarterly Report on Form 10-Q for the quarter ending September 30, 2003.</p>
Using the latest security techniques, Webpay provides solutions to financial institutions, governments and large organisations that require secure electronic transactions. By implementing emerging industry initiatives, technical standards and Internet learnings Webpay provides solutions that minimise risk, maximise revenue and best exploit new market opportunities. Delivering high volume transaction solutions since 1994, Webpay has developed a solutions platform based on open architecture with a modular design that meets the changing demands of business. Webpay provides solutions for Identrus applications, Verified by Visa, MasterCard SPA, Authenticated Debit, Micropayments, Internet payments acquiring and a broad range of consulting services.</p>