Online Resources (NASDAQ:ORCC), a leading provider of web-based financial services, today announced the broad launch of its integrated expedited payments service.
The service, first piloted in 2007, is now fully available through more than 500 bank and credit union clients. The service enables consumer and small business end-users to make guaranteed same day payments, in return for a service fee paid to their bank or credit union.
Expedited payments are processed through the Company's unique end-to-end payments network, which links its proprietary financial institution gateway with its extensive biller network. The service is seamlessly integrated into the financial institution's banking and bill pay application, providing ease of use and greater consumer adoption.
"Online Resources continues to be a key strategic partner, offering a new value-added service that provides customers the flexibility to manage their last minute payments with total peace of mind," said Paula Lechlitner, vice president for Internet Banking Services at AmTrust Bank, a $16 billion asset bank with branches throughout Florida, Ohio and Arizona. "We believe adding this feature to our online banking and bill pay suite will make paying bills online even more attractive to our retail and small business customers."
With this integrated service, consumers simply log on to their financial institution's web site to make a payment in the same manner they do today. Within the billpay application, consumers will see speed of delivery options for payments to eligible payees.
"This service enables our financial institution clients to generate fee income from the growing market for last minute payments, as more consumers rely on expedited payment services," said Sheila Narayan, executive vice president and general manager of Banking Payments Services for Online Resources. "It also benefits our biller clients with faster, guaranteed funding of payments debited from consumers' checking accounts using Online Resources' patented debit technology."
Online Resources also offers a same-day and next-day payment service available through thousands of walk-in bill payment providers, as well as an expedited payment real-time API interface that ties to financial institutions' existing banking and payments platforms.