Source: Online Resources Corporation
Online Resources Corporation (Nasdaq: ORCC), a leading provider of Web-based financial services, today announced that TD Banknorth (NYSE: BNK), which serves 1.5 million households in eight Northeastern states, has extended a multi-year contract for a full suite of online payment and concentration services for its retail banking and consumer lending operations.
In addition, TD Banknorth will resell Online Resources' biller direct payment services to its commercial clients.
Since 2000, Online Resources' PayAnyone service has powered payments for TD Banknorth's online banking and customer service channels. PayAnyone utilizes proprietary Real-Time Digital Scanline (RTDS) technology, which enhances payment processing to produce the highest electronic rate and lowest claims rate in the industry.
For its consumer loans, TD Banknorth will continue to use the Company's Collect Pay service to facilitate payments from their lending customers. In addition, the Bank will offer CollectPay to its base of commercial clients, which include utility, insurance, health care and other businesses, enabling them to receive electronic payments from their consumers.
The Bank also uses Online Resources' LockboxPlus service to consolidate all incoming payments in a variety of formats into a single electronic posting file. This service enables TD Banknorth to simplify the processing of payments, perform reconciliation and better manage accounts receivables. LockboxPlus also uses RTDS to eliminate posting errors by validating all account numbers and payment instructions.
"Online Resources' broad set of integrated solutions continue to help us maximize the efficiency of our entire payment chain," said Joseph Hanson, executive vice president of Operations for TD Banknorth. "Using a comprehensive approach and a variety of high quality services, and by driving adoption of online payment services, we are working together to ensure our customers receive the best experience possible."
"TD Banknorth understands that a multi-faceted yet highly consolidated payment approach is critical to meeting their distinct customer and operational needs," said Stephanie Chaufournier, Online Resources' executive vice president and general manager for Banking Payment Services. "We are pleased to provide TD Banknorth a comprehensive set of payment services that help drive efficiency, value and satisfaction."