Electronic Funds Transfer Association's Internet Banking and Payments Council Elects New Chairman.FAIRFAX, Va. -- The eFinancial Enablers Council (eFEC), a roundtable of CEOs and division heads of leading Internet banking and payments providers, today announced the election of David S. Fortney as chairman. Founded in 2000, the eFEC is a council of the Electronic Funds Transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. Association that is dedicated to fostering industry relationships, best practices and a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. legislative and regulatory environment for internet-based financial activities. Mr. Fortney represents Metavante Corporation Metavante is a company that provides financial technology services and software to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization is headquartered in Milwaukee, Wisconsin and employs over 5,600 employees in 35 U.S. , where he serves as a senior vice president heading Metavante's electronic presentment presentment: see indictment. and payments business. He replaces Anil Arora, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Yodlee, who served as eFEC's chairman for two years. The Council also re-elected Alex Hart, CEO of Corillian Corporation, as vice chairman. Past eFEC chairmen include Michael Sanchez, chairman of the international division of Fidelity Information Systems, and Matthew P. Lawlor, chairman and CEO of Online Resources Corporation. Through its pioneering work, the Council has set the stage for the long-term development of a successful marketplace for Internet-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . The Council provides a number of benefits to its members that are helping to foster this marketplace, including: * Providing a clearinghouse on legislative and regulatory initiatives in the areas of security, identification, and privacy; * Working towards development of examination standards for online banking technology service providers; and * Providing information and education to members on marketplace issues. eFEC membership is open to senior officers of organizations that provide software or service that enables financial institutions to provide Internet-based services to their customers. About the Electronic Funds Transfer Association The Electronic Funds Transfer Association (EFTA EFTA: see European Free Trade Association. ) is the nation's leading inter-industry professional association promoting the adoption of electronic payment systems and commerce. Its diverse membership includes ATM networks and owners, financial institutions, information processors, card organizations, retailers, brokerage firms, hardware and software manufacturers, government agencies, industry consultants and security firms. For more information, please visit www.efta.org. |
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