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March 31, 2015 5:52 PM ET

Commercial Services and Supplies

Company Overview of Chex Systems, Inc.

Company Overview

Chex Systems, Inc., a consumer-reporting agency, account verification services to its financial institution members to aid them in identifying account applicants who may have a history of account mishandling. The company was founded in 1971 and is based in Woodbury, Minnesota. Chex Systems, Inc. operates as a subsidiary of Fidelity National Information Services, Inc.

7805 Hudson Road

Suite 100

Woodbury, MN 55125

United States

Founded in 1971

Phone:

800-428-9623

Fax:

602-659-2197

Key Executives for Chex Systems, Inc.

President
Age: 72
Compensation as of Fiscal Year 2014.

Chex Systems, Inc. Key Developments

Santander Bank, N.A. to Adopt New Policies Governing Use of ChexSystems

Attorney General Eric T. Schneiderman announced that Santander Bank, N.A. has agreed to adopt new policies governing its use of ChexSystems. Santander's new policies are expected to allow thousands of additional New Yorkers and consumers nationwide to open bank accounts by September 30, 2015. The change comes amid concerns that screenings by ChexSystems and other consumer-reporting agencies, which are used by most of the nation's banks, adversely affect lower-income applicants and force them to turn to high-cost alternative financial services like check-cashing outlets. Santander now joins Capital One and Citibank as the third bank to commit to overhaul its use of ChexSystems. The three banks operate a combined 613 branches across New York State and 2,822 branches nationwide.

Chex Systems, Inc. to Offer New Risk Assessment Account Origination, ChexAdvisor

FIS announced its new risk assessment account origination offering, ChexAdvisor. This new solution, offered by Chex Systems Inc., a wholly owned subsidiary of FIS, is powered by DebitBureau®, a proprietary ChexSystems® database. Providing real-time functionality, ChexAdvisor empowers underwriters with new and enriched information intelligence to strengthen risk mitigation. Data is readily available on consumers that have traditional credit and banking history; however, locating information on the 60 million financially underserved consumers within the U.S. can be more challenging. ChexAdvisor allows financial institutions and non-traditional lenders to open more accounts while mitigating risk, helping to better bridge the data gap on underserved U.S. consumers. This advancement generates new data for all ChexSystems products and users and further expands access to the financial services market for the underserved consumer population. ChexAdvisor delivers a robust suite of 300 distinct attributes along with a risk score, via Web services. Information can be utilized independently or as a complement with other data to enhance the overall lending outcome decision. The solution supports the account opening needs of multiple markets including automotive, credit card, installment, payday, secured loan and utilities, whose business objectives rely upon quick and accurate intelligence.

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