ONLINE RESOURCES SIGNS TWO MAJOR CONVERSION CLIENTS
CHANTILLY, Va., October 17, 2005
Online Resources Corp. (NASDAQ: ORCC), a leading provider of Internet financial services, announced today it has signed new agreements with two financial institutions for Internet banking and bill payment services. Both clients will convert from competitive platforms to Online Resources in the fourth quarter.
Lockheed Federal Credit Union, a top-50 credit union with 107,000 members, has selected Online Resources' on-premise Internet banking solution, which the Company added to its product suite through the acquisition of the former Integrated Data Systems earlier this year. Lockheed will also use the Company's account opening service. Lockheed has approximately 50,000 checking (share draft) accounts and 32,000 online banking users.
MacDill Federal Credit Union, another top-50 credit union with 173,000 members, has contracted for Internet billpay, further solidifying Online Resources' position as the primary bill payment provider to the credit union market. MacDill also signed on for Money HQSM, a premium financial management service. The credit union will convert 4,000 existing billpay end-users to Online Resources' platform. MacDill has approximately 100,000 checking (share draft) accounts and 46,000 online banking users.
"These clients chose Online Resources to provide them a superior user experience, higher value from the Internet channel through improved adoption, and a host of innovative services to keep them competitive," said Raymond T. Crosier, president and COO of Online Resources. "We look forward to surpassing their expectations."
About Online Resources
Online Resources powers Internet financial services for over 700 firms nationwide.
The Company's proprietary account presentation, payment, relationship management and
professional services are branded to its client banks, credit unions, card issuers
and payment acquirers. The Company serves over three million consumer end-users and
processes over $12 billion in payments annually. Founded in 1989, Online Resources
(Nasdaq: ORCC, Website: www.orcc.com) has been widely recognized as one of the
nation's fastest growing technology firms.
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.
Media Contact: Beth Halloran,
Director, Corporate Communications
Online Resources Corporation
703.653.2248
bhalloran@orcc.com
Investor Contact: Catherine Graham,
EVP & Chief Financial Officer
703.653.3155
cgraham@orcc.com
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