Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced that Lake Michigan Credit Union, the largest credit union in West Michigan with assets exceeding $2.3 billion, has signed a multi-year agreement to extend bill payment services and to implement the Company’s retail banking software solution. A client of Online Resources’ hosted bill payment service since 2002, Lake Michigan Credit Union will convert to the Company’s Architect retail banking software solution in early 2012. The fully integrated solution will provide the Credit Union’s more than 170,000 members with access to a highly intuitive, personalized online banking experience. “For years Online Resources has helped us provide an outstanding bill payment service for our members, and we are ready to work with them to take our full online experience to the next level,” said Razi A. Qadri, chief information officer and senior vice president of Information Systems for Lake Michigan Credit Union. “With their comprehensive suite of seamless services and tight integration with our host system, we are pleased to expand our relationship with Online Resources to better meet the growing needs of our members.” The Architect software’s adaptive navigation enables the Credit Union’s members to tailor the interface to their preferences. In addition, a client toolbox provides the Credit Union full control of the administration, configuration and ongoing maintenance of the service, to further address the needs of different member segments. The Architect software also includes advanced functionality such as online account opening, personal financial management, one-to-one marketing and social media integration. With its extensible platform, the Credit Union can easily add innovative, new features as trends and technologies emerge and end-user adoption increases. “Lake Michigan Credit Union is positioning itself for a future of superior online service for its increasing member base,” said Eric M. Labiak, chief sales officer for Online Resources. “We are very pleased to expand our relationship with Lake Michigan Credit Union and look forward to serving them as their financial technology needs continue to change and grow.”
Shares of Online Resources Corporation (Nasdaq:ORCC) were gapping down Wednesday morning with an open price 30.4% lower than Tuesday's closing price. The stock closed at $6.05 yesterday and opened today's trading at $4.21.