Source: Online Resources Corporation
Online Resources Corporation (Nasdaq: ORCC), a leading provider of Web-based financial services, today announced that BOK Financial Corporation (Nasdaq: BOKF) has extended a multi-year contract for online payment services for its seven retail banking subsidiaries.
BOK Financial, an $18 billion asset financial services company, operates a network of more than 160 retail banking offices in eight states.
Under the agreement, Online Resources' PayAnyone service will be integrated with BOK Financial's new in-house online banking platform, ensuring that customers receive uninterrupted access to the bill payment service. In addition, BOK Financial will utilize Online Resources' Real- Time Digital Scanline (RTDS) technology, which matches payment and merchant information to produce the highest electronic rate and lowest claims rate in the industry.
BOK Financial will also benefit from Online Resources' end-to-end payments network, which directly links more consumer payments with more billers than any other provider. This network further boosts electronic rates, maximizes the speed of payments and provides an infrastructure for future product innovation.
"Our decision to expand our relationship with Online Resources was based on the breadth and flexibility of their high-quality payment services," said Vane Lucas, Senior Vice President for BOK Financial. "As we make significant changes to our online banking platform, we are pleased to be able to maintain continuity for our customers with our payments platform."
"BOK Financial understands that speed and precision are critical factors in providing their customers a superior online experience," said Stephanie S. Chaufournier, Online Resources' executive vice president and general manager for Banking Payment Services. "We look forward to delivering on that promise with our expanded relationship."