COCC and Online Resources Corporation (NASDAQ:ORCC) have formed a strategic partnership to deliver unprecedented integration between digital banking and other banking services available from community banks and credit unions. The resulting platform will open the door to a broad range of services that will position COCC clients for the next level of productivity gains and revolutionary service advantages in the years ahead. “Today’s agreement with Online Resources Corporation enables us to execute our long-term vision of deeper, richer integration of digital banking services for our clients and the industry at large,” said Richard A. Leone, President and CEO of COCC. “Working together, our two firms will resolve one of banking’s most complex issues – keeping digital banking in synch with all other channels and services. With our next level integration of Online Resources’ Architect ™ product and our advanced INSIGHT core processing platform, COCC is uniquely positioned to deliver an ongoing stream of innovative and cost-effective banking services for years to come.” COCC will leverage its uniquely flexible core processing platform with Online Resources’ Architect technology and bill pay services to deliver a truly holistic view of banking interactions via a broad range of banking channels. The resulting digital banking platform, hosted by COCC, will use the INSIGHT core system as the single source of record, eliminating the need for separate databases and daily routines to keep both systems in synch. Without these processes, bank customers and credit union members will see the same balances and account details across all banking channels, dramatically reducing the number of calls fielded by call centers. In addition, customers and members will no longer be re-directed away from their institutions’ websites to separate digital banking sites. All digital banking services will be available from the institution’s Internet domain. Next level integration between digital banking and the core platform opens the door to more complete and immediate fraud analytics and alerts, CRM and target marketing, and the most responsive and secure commercial services available from any financial institution. This will enable COCC clients to enhance the profitability of their Internet Banking channel.
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.