Online Resources Signs Multiple Customizable Internet Banking Clients
January 29 2010 - 7:00AM
Business Wire
Online Resources Corporation (Nasdaq: ORCC), a leading provider
of online financial services, today announced that it recently
signed multiple new clients, including six with assets ranging from
$1 billion to $4 billion, for customizable Internet banking
combined with other services.
Online Resources’ highly customizable Internet banking solutions
are available in hosted and on-premise environments that enable
extensive client modification to the user interface. These
solutions are also tailored to address specific financial
institution requirements such as IT staffing levels, configuration
requirements, operating environment, marketing and customer service
support and other factors critical to a successful online channel.
Online Resources also offers a SaaS option, which is currently in
use by hundreds of other financial institutions.
Ent Federal Credit Union, with $3 billion in assets and serving
more than 197,000 members in Colorado, is one of the new clients
that chose the company’s on-premise banking solution. The credit
union will extensively customize the solution and make it available
to its members, including the company’s enhanced personal financial
management (PFM) service, in May.
“Online Resources offers the flexible options, integration
capabilities and innovative services we require for our online
channel,” said Chad Graves, vice president of information
technology for Ent Federal Credit Union. “As specialists, they
provide a very high level of service and expertise every step of
the way. We look forward to making these new services available to
our members.”
In the San Francisco Bay Area, Pacific Service Credit Union also
recently signed for Online Resources’ Internet banking solution,
enhanced account opening and mobile services. The over $1 billion
asset credit union, based in Walnut Creek, CA, plans to launch the
enhanced Internet banking service to its 70,000 members in the
second quarter.
“Over the years we have worked with Online Resources to keep in
step with our primary initiative of enhancing our user experience
by adapting to changing consumer behaviors and preferences.
Expanding our relationship to offer a custom Internet banking
solution adds to our objective of providing service availability
anytime and anywhere,” said Nannette Cutliff, vice president/chief
information officer for Pacific Service Credit Union. “As an
organization centered on creating member value, working with Online
Resources to provide the delivery channels preferred by our members
fits our strategic plan,” Cutliff added.
CoVantage Credit Union, which serves more than 50,000 members in
Michigan and Wisconsin, implemented the company’s on-premise
Internet banking and hosted bill payment services in November. It
plans to make online account opening available to its members early
this year.
Bob Van Abel, chief information officer for CoVantage Credit
Union, said, “Online Resources provided a model implementation
process, delivering on our timing and product expectations
throughout the project. Our members are very pleased with the new
online service, and we look forward to launching additional
services in the future.”
“More financial institutions are considering the Internet
strategically imperative to their success, and they are looking to
us to help them further differentiate themselves through the online
channel,” said Ronald J. Bergamesca, executive vice president and
general manager of Online Resources’ Community Bank and Credit
Union Services. “Our continued success in this segment reflects a
movement away from a mass approach toward customizable solutions
that address an institution’s unique set of requirements.”
About Online Resources
Online Resources (Nasdaq: ORCC) specializes in powering
financial interactions between millions of consumers and the
company’s financial institution and biller clients, including 17 of
the top 50 U.S. banks and 13 of the top 20 U.S. card issuers.
Backed by its proprietary payments gateway that links banks
directly with billers, the company provides web and phone-based
financial services, electronic payments and marketing services to
drive consumer adoption. Founded in 1989, Online Resources has been
recognized for its high growth and product innovation. It is the
largest financial technology provider dedicated to the online
channel. For more information, visit www.orcc.com.
This news release contains statements about future events and
expectations, which are "forward-looking statements." Any statement
in this release that is not a statement of historical fact may be
deemed to be a forward-looking statement. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the Company's actual results, performance
or achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Specifically factors that might cause
such a difference include, but are not limited to the Company’s:
history of losses; dependence on the marketing efforts of
third parties; potential fluctuations in operating results; ability
to make and successfully integrate acquisitions of new businesses;
potential need for additional capital; potential inability to
prevent systems failures and security breaches; potential inability
to expand services and related products in the event of substantial
increases in demand; competition; ability to attract and retain
skilled personnel; reliance on patents and other intellectual
property; exposure to the early stage of market adoption of the
services it offers; exposure to the consolidation of the banking
and financial services industry; and additional risks and
uncertainties discussed in filings made by the Company with the
Securities and Exchange Commission, including those risks and
uncertainties contained under the heading "Risk Factors" in the
Company's Form 10-K, latest 10-Q, and S-3 as filed with the
Securities and Exchange Commission. These factors should be
considered in evaluating the forward-looking statements, and undue
reliance should not be placed on such statements.
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