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.
“Our unique, 360° views of customer data and the overall customer experience will truly revolutionize the digital banking platform,” said Leone. “As our clients deploy the many features of our digital banking product, millions of U.S. consumers will benefit from our vision of digital banking as a dynamic, high value, cross-channel engine of bank services. This experience is vital to maintaining our clients’ service advantage, which is the bedrock of their success.”
“We are extremely pleased to be working with one of the most trusted and innovative core providers in the industry,” said Stephen W. Ryan, Executive Vice President of Software Solutions and Services for Online Resources. “The combination of COCC’s advanced core platform and the flexibility, customizability and extensibility of our Architect toolset will enable COCC’s financial institution customers to manage powerful multi-channel capabilities with far less complexity. We look forward to leveraging this exciting partnership to take the banking industry to the next level of service excellence.”
COCC and Online Resources anticipate that the vast majority of COCC’s clients will adopt this new platform and its innovative service breakthroughs, and that the market will respond enthusiastically as well.
COCC is an award-winning core processing service for financial institutions throughout the northeastern United States. One of the fastest-growing companies of its kind in the nation, COCC recently earned praise from its Massachusetts clients who voted the company #1 in banking technology in 2012. COCC has also been recognized as a 2011 and 2012 top workplace by the Hartford Courant and Fox CT, and is a member of this year’s FinTech 100 and Inc. 5000. This client-owned company provides a complete suite of innovative outsourced technology services based on an open, relational processing platform. With clients as owners, service comes first. For more information, please visit www.cocc.com.
About Online Resources Corporation
Online Resources Corporation (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, ORCC 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 differences, readers are advised to review Online Resources Corporation’s latest filings with the Securities and Exchange Commission, including (but not limited to) the information provided under the heading "Risk Factors" in our latest Annual Report on Form 10-K (which filings are available, among other places, from the SEC's EDGAR database at www.sec.gov and via the Company's website at www.ORCC.com). Online Resources assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Online Resources, ORCC and the Online Resources logo are trademarks of Online Resources Corp. Other company and product names and logos used in this release are the trademarks of their respective owners.