The Indian venture will be re-designated as one of Deluxe's four independent, operating units worldwide. It will be renamed to function as a wholly-owned subsidiary of Deluxe, an integrated payment systems major.The new company will continue its focus on software development, maintenance and support services and business outsourcing to leading international financial services, companies and to Deluxe's businesses worldwide, according to a press release here.

The company has an existing software development centre in Chennai with a strength of over 300 computer programmers. It will set up another development centre in Chennai soon. Deluxe has already commenced expansion of its business-processing centre in Delhi.

According to the new business model for India, Deluxe intends to form a holding company for its four,newly designated, independent operating units. One of the major strategic initiatives undertaken through the new business model is the creation of eFunds Corporation, a combination of Deluxe's information and payment protection businesses with its electronic transaction processing business.

The other three independent operating units will be Deluxe Paper Payment Systems, the leading check printing business in the US, Government Services, which provides electronic benefits transfer services to state government and Deluxe's software development and business process outsourcing business, so far known as HCL Deluxe.