Online Resources Corporation (Nasdaq: ORCC), a provider of web-based financial services, today announced Sheila Narayan, one of the leading payments consultants to large U.S. financial institutions and processing companies, has joined the Company as executive vice president and general manager of its banking payments division.
Ms. Narayan is responsible for Online Resources' consumer service provider (CSP) payments business, which serves large financial institutions and banking partnerships. The division provides bill payment and related services to 13 of the largest 50 U.S. banks, and to a host of strategic and marketing partnerships. The division also provides payment services to the Company's community bank and credit union services division, which bundles billpay with other online banking and consumer marketing capabilities services to provide a comprehensive one-stop web banking solution.
Ms. Narayan has extensive strategic consulting experience as a partner at First Annapolis, one of the premier payments consulting firms. At First Annapolis, she spent more than 10 years developing business and market strategy, leading strategic technology and marketing partnerships, and managing client relationships for some of the largest U.S. and international banks, credit card issuers, corporations and payment processors. She has also advised senior banking and processing executives on new product development and strategic sourcing.
Prior to First Annapolis, Ms. Narayan was recognized for financial excellence by Digital Equipment Corporation. She completed a 3-year intensive financial development program in which she audited a broad array of operations and recommended operational efficiency, cost reduction and financial integrity improvements. She is a graduate of Bryant College and holds an MBA from The Wharton School, University of Pennsylvania.
Ms. Narayan replaces Stephanie S. Chaufournier, who will depart Online Resources as planned to pursue other personal interests.
"I believe I am leaving the banking payments business in excellent hands, and I wish Sheila the best as she joins the Online Resources family," said Chaufournier.
"I would like to recognize Stephanie's enormous contribution to Online Resources over the past eight years, from spearheading the Company's product development to establishing our leading position in payments market. Her intellect, professionalism and grace will be sorely missed," said Matthew P. Lawlor, Online Resources' chairman and CEO. "Sheila's deep knowledge of the payments needs of large financial institutions makes her very well qualified to take this segment of our banking business to the next level," continued Lawlor.
Ms. Narayan will report to Online Resources' president and chief operating officer, Raymond T. Crosier, on a day-to-day basis, and to Lawlor for strategic and policy matters.