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Virginia Credit Union Selects Online Resources Full Suite
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CHANTILLY, Va., Jun 10, 2009 (BUSINESS WIRE) -- Online Resources Corporation (Nasdaq:ORCC), a leading provider of online financial services, today announced that $1.8 billion asset Virginia Credit Union has signed a multi-year agreement for its integrated online banking and bill payment services. Virginia Credit Union is one of the top 70 credit unions in the United States and serves more than 188,000 members. Virginia Credit Union chose the company's UniteSM Financial Services Suite, opting for the highly customized retail Internet banking solution. This solution is hosted by Online Resources and provides the credit union the flexibility to perform extensive interface modifications for its members. Best-in-class bill payment is fully integrated with the hosted solution, including same-day expedited payments. The suite also includes several other self-service features such as e-statements and check imaging. It is also fully supported by advanced consumer marketing, end-to-end security and customer care services for a seamless online and offline consumer experience. The credit union will convert to Online Resources' platform in the fourth quarter. "Virginia Credit Union wants an online services partner that can provide a flexible, secure platform, allowing us to create a robust online banking experience for our members," said Christopher Saneda, Virginia Credit Union's Senior Vice President and CIO. "Online Resources' scale, agility, and personal touch make them the best partner for helping Virginia Credit Union take its online channel to the next level." "Virginia Credit Union's priority is to provide their members high quality, personalized, secure online services," said Ronald J. Bergamesca, Online Resources' executive vice president and general manager for Community Bank and Credit Union Services. "This full suite of services enables the front-end flexibility they require to meet the changing needs of their members, backed by Online Resources' high performing, end-to-end operations and infrastructure." About Online Resources Online Resources (Nasdaq:ORCC) powers financial interactions between millions of consumers and the company's financial institution and biller clients. 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. About Virginia Credit Union Virginia Credit Union serves employees and retirees of Virginia's state and local governments, students at state-supported colleges and universities, employees and retirees of other approved groups, and individuals in their immediate families and households. Based in Richmond, Virginia Credit Union provides a variety of affordable consumer services and financial education resources with the sole purpose of helping members grow financially. For more information, visit www.vacu.org. 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. SOURCE: Online Resources Corporation Online Resources Corporation Copyright Business Wire 2009 |