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| Online Resources and Intuit Team to Expand Reach of Internet Banking; Quotien Banking Suite to be Integrated with Intuit's Quicken and QuickBooks Software |
MCLEAN, Va. (BUSINESS WIRE) May 9, 2001 Online Resources Corp. (Nasdaq: ORCC), a leading Internet application service provider to financial institutions, announced a relationship with Intuit, allowing Online Resources' client base of 500 financial institutions, with 400,000 consumer and small business end-users, to reach Intuit's 21 million Quicken® and QuickBooks® customers.
These high-valued consumers and small businesses will now be able to take advantage of the Quotien(SM) Banking suite of services, including online banking, through integration with Quicken financial software and QuickBooks accounting software.
Online banking has long been a productivity tool for those tracking their critical financial data in leading software like Quicken and QuickBooks. The ability to bank online through these products allows customers to gain control of their finances and save time by downloading their financial transactions into a place where they store the remainder of their financial data, so they can better analyze their income and expenses.
"By offering seamless integration to their personal financial management software, Quicken or QuickBooks, financial institutions will now be able to attract and retain top retail customers who are also dedicated Quicken users," said Raymond T. Crosier, president and chief operating officer of Online Resources.
"The lion's share of the micro-business/small office/home office markets use Quicken or QuickBooks to power their businesses," said Crosier. "This relationship opens the door for our clients to provide additional financial services like online banking and bill payment to the more than six million businesses using these applications. There is a great deal of overlap between Intuit's retail customers and our financial institutions' high-valued customers. These customers, with an average salary of $75,000 and an average portfolio of $250,000, often select their banking relationships based on the availability of integrated online banking services and bill payment support offered through Quicken and QuickBooks software."
Online Resources' financial institution clients will achieve significant value from the Quicken and QuickBooks software since ORCC will install, certify and maintain a secure Open Financial Exchange (OFX) server to support their customers' online personal financial management needs.
"We are delighted to be working with Online Resources in providing their clients the flexibility to support connectivity to user's accounts online through Quicken and QuickBooks," said Steve Holoien, director of operations, financial institution connectivity and support for Intuit. "We've found that a growing number of our customers want access to online banking and bill payment services through our software and their financial institution. This relationship brings additional value to our customers that will help ensure a convenient online banking experience for them."
The relationship with Intuit fits within Online Resources' new 5-point initiative to achieve operating cost efficiencies and expand revenue from its base of 500 financial institution clients. "There is a great opportunity to increase our user penetration rate and incremental revenue by adding existing and loyal Quicken and QuickBooks users to our financial institution customer base," added Crosier.
OFX Connectivity through Intuit's software will be available to Online Resources' clients this fall. About Online Resources Corporation Online Resources Corporation (www.orcc.com), a leading Internet application service provider, offers a comprehensive suite of e-financial services. Founded in 1989, the company provides its Quotien(SM) Internet banking, bill payment, customer care and other Web-based financial services to over 500 financial institutions with 400,000 consumer and small business end-users. As part of its suite of services, the company processes approximately 10 million bill payments per year, clearing over $2.5 billion. An integrated database enables seamless user support, targeted marketing and personalization. Clients and users benefit from a simple yet powerful Internet solution, backed by an end-to-end service quality guarantee and bundled pricing advantages.
Intuit, the Intuit logo, Quicken®, QuickBooks®, QuickBooks Pro, and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. or one of its subsidiaries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
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 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 Form 10-K as filed with the Securities and Exchange Commission.
| Media Contact: Dorothy Thompson of Online Resources, 703.394.5328 dthompson@orcc.com |
| Investors Contact: Carl D. Blandino, CFO of Online Resources, 703.394.5100 cblandino@orcc.com |