Online Resources Launches New Internet Banking Deployment Options
The Dime Savings Bank to Convert to New Dedicated Software Capability
CHANTILLY, Va., November 6, 2006 – Online Resources Corporation (Nasdaq: ORCC), a leading provider of web-based financial services, today announced it has launched dedicated software Internet banking capabilities that are now fully integrated with its payment, marketing, customer care and other outsourced services. The Dime Savings Bank of Williamsburgh, a $3+ billion asset bank based in New York, has signed a multi-year agreement to convert 13,000 customers to Online Resources’ platform for dedicated Internet banking and a host of other services in the first half of 2007.
Online Resources’ dedicated software capability provides clients an additional fully integrated deployment option beyond the Company’s traditional ASP (application service provider) offering. Clients may now opt for dedicated software, providing added flexibility and control. Like the ASP offering, Internet banking is seamlessly delivered with Online Resources’ bill payment, relationship marketing and other capabilities.
Clients have three choices for deploying Internet banking with Online Resources:
- Advantage – the Company’s leading ASP service, in which the software is outsourced and shared among clients, providing attractive pricing and state of the art technology;
- Command – the Company’s dedicated software, customized to each client and hosted by Online Resources, providing additional flexibility without high fixed systems operations costs; and
- Architect - the Company’s dedicated software, operated by the client on its premises, offering greater control and cost advantages for clients with their own data centers.
Dime has selected Command, enabling the bank’s IT staff to customize its online banking service through a set of administrative tools. At the same time, the bank will benefit from Online Resources’ bill payment, business banking, risk-based authentication, Money HQ, eStatements, check reorder, ICM marketing and other services.
“Online Resources is the only provider with an array of deployment options that enables us to efficiently draw on the best of our collective resources,” said George Fuller, senior vice president for The Dime Bank. “This configuration allows our customers to benefit from a highly customized Internet channel with best-in-class services.”
“For financial institutions looking to leverage their technology resources to create the best Internet channel available, we are pleased to offer these new deployment options,” said Matthew P. Lawlor, chairman and chief executive officer for Online Resources. “We are committed to working with Dime and all of our clients to continually customize their channel services as their institutions evolve, while serving as their single point of technological accountability for web-based services.”
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
About Dime Community Bancshares
Dime Community Bancshares, Inc. (Nasdaq: DCOM), (the “Company”), is the parent company of The Dime Savings Bank of Williamsburgh (the “Bank”). The Bank was founded in 1864, and is headquartered in Brooklyn, New York. With $3.14 billion in assets as of September 30, 2006, the Bank has 21 branches located throughout Brooklyn, Queens, the Bronx and Nassau County, New York. More information on the Company and Bank can be found on the Bank's Internet website at www.dimedirect.com.
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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