Kinecta Federal Credit Union Converts to Online Resources for Bill Payment
Top Credit Union Elects to Outsource for Best in Class Performance
CHANTILLY, Va., September 12, 2007 – Online Resources Corporation (Nasdaq: ORCC), a leading provider of Web-based financial services, today announced that Kinecta Federal Credit Union has signed a multi-year agreement for electronic bill payment and other online services. Kinecta, based in Southern California, is the 13th largest credit union in the country, with over $4 billion in assets and more than 200,000 members.
Under the agreement, Kinecta migrated all of its in-house bill payment processing to Online Resources’ PayAnyoneâ service in August. In addition, the credit union has deployed the company’s online account opening, ACH processing and e-Statement services. Kinecta utilizes the Episys® core processing platform offered by Symitar™. As a member of Symitar’s Vendor Integration Program, Online Resources was able to facilitate a seamless, expedited implementation.
“We recognized that outsourcing our payment processing to a best-of-breed provider was the only option to achieve industry leading electronic rates and deliver an exceptional member experience,” said Shannon Doiron, director of E-Commerce at Kinecta Federal Credit Union. “We have outstanding early results, having increased our electronic rate by over 18 percent immediately following our conversion.”
“Additionally,” notes Doiron, who led the design and development of Kinecta’s proprietary online banking system, “Online Resources’ solution enables us to maintain our user Interface, ensuring a seamless integration without members having to learn a new bill pay system. Online Resources’ product snapped in quite easily.”
Stephanie Chaufournier, Online Resources’ executive vice president and general manager for Banking Payment Services, agrees. “Bill payment processing is a complex business that requires unique capabilities to achieve best in class performance. Our Biller Network and Real-Time Digital Scanline™ technologies make it possible for us to offer our clients the highest electronic and lowest claims rates in the industry. We are committed to helping our clients enrich their Internet channel with best-of-breed payment services that keep them competitive.”
About Online Resources
Online Resources powers financial technology services for thousands of financial institutions, billers and credit service providers. Its proprietary suite of account presentation and payment services are branded to its clients, and augmented by marketing services to drive consumer and business end-user adoption. The Company serves over 10 million end-users and processes $100 billion in bill payments annually. Founded in 1989, Online Resources (www.orcc.com) is recognized as one of the nation’s fastest growing companies.
About Kinecta Federal Credit Union
Kinecta Federal Credit Union is one of the nation’s leading credit unions and 4th largest in California. Headquartered in Manhattan Beach, Calif., Kinecta has more than $4 billion in assets and serves more than 200,000 members nationwide. Kinecta offers its member-owners a broad range of financial products and services through the Credit Union and its wholly owned subsidiaries Kinecta Financial Management Company, LLC, Kinecta Financial & Insurance Services, LLC and Apollo Agencies, Inc. www.kinecta.org.
About Symitar
Symitar, a division of Jack Henry & Associates, Inc., (Nasdaq: JKHY), is the leading provider of integrated computer systems for credit unions of all sizes. Symitar currently serves more than 600 credit unions as a single source for integrated, enterprise-wide automation; and as a single point of contact and support. Additional information is available at www.symitar.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
Mng. Dir., Corporate Communications
703.653.2248
bhalloran@orcc.com
Investor Contact: Catherine Graham,
EVP & Chief Financial Officer
703.653.3155
cgraham@orcc.com |
