Payments Entrepreneur To Head Online Resources Ecommerce Division
CHANTILLY, Va., November 6, 2006 – Online Resources Corporation (Nasdaq: ORCC), a leading
provider of web-based financial services, today announced that Robert R. Craig has been named
executive vice president and general manager of eCommerce Services. Mr. Craig is responsible
for the Company’s Princeton, New Jersey-based Biller Services unit (formerly Princeton eCom)
and its Parsippany, New Jersey-based Card & Credit Services unit, which provide account
presentation, payment and marketing services to more than 2,200 billers and biller endpoints,
card issuers and creditors.
Mr. Craig comes to Online Resources with extensive entrepreneurial and leadership experience in
the payments industry. In 1996, he co-founded REMITCO, a remittance processing company
dedicated to the specialized payment processing needs of corporations serving millions of
consumers in the credit card, telecommunications and utility industries.
REMITCO was acquired in 2000 by First Data Corporation, where Mr. Craig most recently served
as head of business development for First Data’s remittance processing business. In this role, he
headed sales, marketing, account management and product development for remittance
processing clients, including major corporate billers and credit card issuers.
Prior to REMITCO, Mr. Craig held senior management positions at Corestates Bank, now part of
Wachovia Bank, and in JPMorgan Chase’s global treasury and commercial divisions.
“The two critical qualifications for this position were extensive experience and understanding of
the biller market, and the proven ability to drive revenue,” said Matthew P. Lawlor, chairman and
chief executive officer for Online Resources. “We believe with Bob’s background, his
entrepreneurial spirit and demonstrated leadership skills, he will be able to take our eCommerce
Services to the next level.”
Mr. Craig will report to Online Resources’ president and chief operating officer, Raymond T.
Crosier, on a day-to-day basis, and to Lawlor for strategic and policy matters.
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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