« More 1999 Releases

MCLEAN, Va., June 24 /BUSINESS WIRE/

Business Editors/High Tech Writers

Online Resources & Communications Corporation (Nasdaq: ORCC), a leading provider of Internet and remote banking services, today announced that The Dime Savings Bank of New York FSB, a $22 billion regional bank serving the greater New York City metropolitan area, has chosen Online's Opus (sm) Bill Payment service for Dime's Internet-based Online Banking program due to be launched later this year.

Dime becomes Online Resources' second largest institutional client in terms of asset size and the largest to launch Online's standalone bill payment service.

The Dime will link its Internet-based banking software with the Opus Bill Payment service, which was designed for institutions that have online banking consumer software and want to enhance it with a consumer bill pay service. Online Resources will implement the company's established ATM network-based payments process through the NYCE ATM network. NYCE is one of more than 50 ATM networks, core processors and other financial technology companies to which Online has links through its EFT Gateway. Online will pay bills to virtually any payee that Dime customers designate, whether electronically or manually.

Amy Radin, executive vice president and chief marketing officer of Dime, said, "Online Resources' consumer interface and bill pay mechanism match our customers' needs extremely well. Moreover, their extensive merchant database means a higher percentage of our customers' payments will be transmitted electronically. We also like Online's pay-on-time guarantee because it means our customers can rest easily that a bill will be paid on a timely basis."

Online Resources guarantees payment in two days if the payee accepts electronic funds, and five days if it accepts only checks. Currently, 54% of bills paid by Online Resources are paid electronically.

Dime's customers will have their accounts debited in real-time. Customers will be dealing with a single account balance that is up to date at the time the transaction is scheduled. Overdrafts are minimized in this process, and the payee is guaranteed good funds. Real-time debiting also eliminates database duplication required with batch file online banking systems.

McLean, Va.-based Online Resources & Communications Corporation (http://www.orcc.com) is a leading provider of privately-branded outsourced electronic commerce services to regional and community financial institutions. Online's clients connect to its Internet financial hub to deliver its proprietary banking and billpaying services to their retail and small business customers. Complementary financial services, such as loan approval, insurance shopping, investment information and securities trading, are provided through Online's Financial Service Center. Online also operates a fully integrated customer care and technical support center and provides consumer co-marketing support through its BankOnline.com web site and direct marketing services. The company's Opus (sm) services are fully integrated and operate substantially in real-time, for a powerful, single-source solution with a variety of electronic commerce capabilities. Online Resources (Nasdaq: ORCC) was founded in 1989 and serves more than 325 financial institutions nationwide.

The Dime Savings Bank of New York, FSB (http://www.dime.com) is a regional bank serving consumers and businesses and has 100 branches located throughout the greater New York City metropolitan area. Directly and through its North American Mortgage Company subsidiary (http://www.namc.com), Dime also provides mortgage banking and selected consumer financial services throughout the United States. Dime is a wholly-owned subsidiary of Dime Bancorp, Inc. (NYSE: DME).

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. Specific factors that might cause such a difference include, but are not limited to: the company's history of losses and anticipation of future losses; the company's dependence on the marketing efforts of third parties; the potential fluctuations in the company's operating results; the company's potential need for additional capital; the company's potential inability to expand the company's services and related products in the event of substantial increases in demand for these services and related products; the company's competition; the company's ability to attract and retain skilled personnel; the company's reliance on the company's patents and other intellectual property; the early stage of market adoption of the services it offers; consolidation of the banking and financial services industry; and those 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 Registration Statement on Form S-1 as filed with the Securities and Exchange Commission.

Opus Bill Payment is a service mark of Online Resources & Communications Corporation.