Independent Health Selects Online Resources’ Biller Payment Services
Company Referred to Top Health Plan Provider by M&T Bank
CHANTILLY, Va., September 18, 2006 – Online Resources Corporation (Nasdaq: ORCC), a leading provider of web-based financial services, today announced it has been chosen by Independent Health, a premier health benefits provider, to enable online bill pay to its direct-pay Medicare and individual subscribers. Online Resources was referred to Independent Health by M&T Bank Corporation, (NYSE: MTB), which provides banking services for Independent Health and also utilizes Online Resources’ electronic payment solutions.
A health solutions company offering a variety of managed care, wellness and indemnity programs, Independent Health has been recognized nationally for its quality member services by the National Committee for Quality Assurance, U.S. News & World Report and a leading consumer publication. Independent Health will use Online Resources’ CollectPay One-Time Pay to accept debit, credit or ACH payments that subscribers can make via the Web, IVR or a customer service representative without the requirement for registration.
“The national recognition we’ve earned for quality care and member satisfaction is a result of our focus on delivering the best information, tools and resources that are available to our members,” said Michael Faso, Independent Health’s vice president of finance and business development. “Online Resources’ high quality online payments, backed by their superior support services, are a perfect fit with our service level requirements.”
M&T Bank Corporation provides banking services for Independent Health and also offers Online Resources’ electronic payment solutions. After assessing Independent Health’s needs, the bank recommended that CollectPay One-Time Pay be used in conjunction with M&T banking services.
“The success we’ve experienced using Online Resources’ solutions has enabled us to provide our clients with a complete solution that offers effective and proven front end needs while also delivering powerful processing capabilities,” said R. Buford Sears, Senior Vice President and Manager, Health Care Services Group at M&T Bank.
Online Resources’ unique Payment Chain Management ™ methodology determines which payment or payment consolidation solution most effectively serves its biller payment clients and their consumer end-users. Scalable and customized support is available regardless of electronic payment format, method, channel or frequency. In addition, clients can leverage a single interface that manages all data and reconciliation while providing scalability for additional types of transactions.
About Independent Health
Headquartered in Buffalo, Independent Health began operations in 1980 and has consistently been rated among the top health plans in the country for customer service and member satisfaction. Independent Health’s comprehensive portfolio of product and service offerings include HMO, POS, PPO and EPO products, Medicare and Medicaid plans, traditional indemnity insurance, consumer-directed plans, coverage for self-funded employers, plus health savings account (HSA) and pharmacy benefit management (PBM) services. Independent Health’s extensive provider networks include more than 789,000 physicians, 3,600 hospitals, and 38,000 pharmacies nationally. Combined, the company provides health benefits and services to nearly 375,000 individuals in Western New York and throughout the country. For more information, visit Independent Health’s website at www.independenthealth.com.
About M&T Bank Corporation
M&T (NYSE: MTB) is a bank holding company whose banking subsidiaries, M&T Bank and M&T Bank, National Association, operate branch offices in New York, Pennsylvania, Maryland, Virginia, West Virginia, Delaware, and the District of Columbia. For more information, go to www.mandtbank.com.
About Online Resources
Online Resources powers web-based financial services for over 800 firms nationwide. It provides a suite of proprietary banking and payment services that are branded to its client financial institutions. The Company serves over 4 million consumer end-users and processes $15 billion in payments annually. Founded in 1989, Online Resources (Nasdaq: ORCC, Website: www.orcc.com) is a recognized leader in financial technology services
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
703.653.2248
bhalloran@orcc.com
Investor Contact: Catherine Graham,
EVP & Chief Financial Officer
703.653.3155
cgraham@orcc.com
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