Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced that the Special Asset division of BB&T Corporation (NYSE: BBT) has signed a multi-year agreement for the company's biller-direct electronic payment solution.
BB&T will implement Online Resources' service fee payments in the second quarter, enabling its live agents to accept consumer loan payments over the phone. For these payments, Online Resources will provide customer data collection and validation, fee and payment processing, interchange management and settlement. In addition, BB&T will be able to access real-time, on-demand reporting, tracking and management through an online client console.
"Online Resources' biller-direct payment solution seamlessly integrates with our existing client care infrastructure, enabling us to quickly and effectively capture loan payments over the phone," said Donna L. Stalls, vice president and Process Manager for BB&T Special Assets. "Our clients benefit from enhanced service while Online Resources removes the risk and complexity of these payments for us by managing payment network costs."
"We are pleased to enable BB&T to provide one-call resolution for those customers needing special attention to make payments that require immediate posting," said Robert R. Craig, executive vice president and general manager of eCommerce Services for Online Resources. "At the same time BB&T will increase efficiency and lower risk for their incoming loan payments. We look forward to making this service available to them in the very near future."
Service Fee payments are just one option within Online Resources' eCom Advantage Suite, which provides end-to-end electronic bill presentment, payment and collection solutions that drive online adoption, retention and expansion of biller-direct payments.