Online Resources Corp. (NASDAQ:ORCC - News), a leading provider of Web-based financial services, today announced the launch of its mobile banking and bill payment service, a hosted application that enables financial institutions to provide their consumers with a full range of online services via mobile phones and other wireless devices.
Available through a partnership with Access Softek, Inc., a global developer of technology software, the mobile banking and payment service is an OFX-based software application that works with all major U.S. wireless networks. The service provides immediate access to approximately 70 percent of today's mobile phone devices, with near-ubiquitous access expected in the next several years as consumer mobile devices are upgraded. The service is fully integrated with Online Resources payments and security technology, providing consumers the ability to view their accounts, pay bills, transfer funds and receive messages from their financial institutions.
In pilot with select financial institution clients since July 2006, the service is now available to Online Resources' OFX-enabled clients. Each client launch of the mobile service is supported with the company's ICM Marketing services, including targeted in-session messaging, demos and other instructional information embedded in the application. After registering online, consumers simply download the software application via their wireless device.
"The integrated mobile service is yet another way Online Resources is helping us to retain and deepen our customer relationships. In addition to potential fee income, we are pleased to be able to offer our customers a service that even some of the largest institutions are not providing today," said Michael L. Woolfolk, chief operating officer and executive vice president for Heritage Bank, a pilot participant.
"Consumer delivery of the Web channel has become more complicated with increased security requirements and growing demand for wireless access. By leveraging our integration capabilities, we are providing our clients a mobile banking and payment application that is secure, seamless and highly user-friendly," stated Matthew P. Lawlor, Online Resources' chairman and chief executive officer. "We believe that by widening distribution of the Web channel via mobile devices, our clients can increase adoption of their channels and in many cases benefit from offering another premium service."
About Online Resources
Online Resources powers web-based financial services for 2600 financial institutions, billers and credit service providers. Its proprietary suite of account presentation and payment services are branded to its clients, and augmented by marketing services to drive consumer and business end-user adoption. The Company serves over 8 million end-users and processes $100 billion in bill payments annually. Founded in 1989, Online Resources (Nasdaq:ORCC; www.orcc.com) is recognized as one of the nation's fastest growing companies.
About Access Softek
Access Softek, Inc. is a global software development company that for the past twenty years has earned a solid reputation for satisfying the most demanding technical needs of companies in America, Europe, and Asia. Clients include Microsoft, Apple, Adobe Systems, ITI, Symbol Technologies, H&R Block, Motorola and NEC. For more information, visit www.accesssoftek.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.
Source: Online Resources Corp.
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