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.”
Online Resources’ hosted bill payment is backed by the Company’s proprietary payments network that directly links financial institutions with thousands of billers to enable higher electronic rates, faster payment speed and a consistent payment process. The service also includes e-bills and expedited payments for guaranteed same day posting.About Online Resources Online Resources (NASDAQ: ORCC) powers financial interactions between millions of consumers and the company’s financial institution and biller clients. Backed by its proprietary payments gateway that links banks directly with billers, the company provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, Online Resources is the largest financial technology provider dedicated to the online channel. For more information, visit www.orcc.com. This news release contains forward-looking statements based on Online Resources Corporation management's current expectations and beliefs and a number of assumptions concerning future events made with information that is currently available. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are not a guarantee of any results or performance and are subject to a number of known and unknown risks, uncertainties and other factors which could cause actual performance or results to differ materially and adversely from any results or performance expressed or implied by such forward-looking statements. Certain factors that might cause such a difference include, but are not limited to: a history of losses and anticipation of future losses; potential fluctuations in operating results; dependence on the marketing efforts of third parties; potential loss of one or more material clients; potential need for additional capital; potential inability to prevent systems failures and security breaches; potential inability to expand certain services and products in the event of a substantial increase in demand for such services and products; competitive pressures; ability or inability to attract and retain skilled personnel; reliance on patents and other intellectual property; potential change in the rate of user adoption of certain products and services; exposure to consolidation in the financial services industry; and government regulatory developments. For a more detailed description of the factors that could cause such a difference, please refer to our latest filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K. We assume no obligation to update or supplement any forward-looking statements. Online Resources and the Online Resources logo are trademarks of Online Resources Corp. Other company and product names may be trademarks of their respective owners.