Top Credit Union Chooses Online Resources’ Account Opening

CHANTILLY, Va.--(BUSINESS WIRE)--Online Resources Corporation (Nasdaq:ORCC), a leading provider of web-based financial services, today announced that San Antonio Federal Credit Union (SACU) signed a multi-year agreement for Online Account Opening with its Community Bank & Credit Union Services unit. SACU is one of the top 40 U.S. credit unions, with more than $2.5 billion in assets.

“SACU understands that in today’s economic environment, it is crucial to utilize the web channel for sales”

The Online Resources’ account opening service is an end-to-end solution that enables new members to enroll quickly and conveniently through the web. SACU chose the service because it provides another tool for acquiring new members and cross-selling services to existing members, while at the same time saving valuable processing time and costs.

The account opening service performs instant identity verification via connections to multiple credit reporting agencies, OFAC and other third parties. Real-time host system integration eliminates redundant data entry and paperwork by staff members. In addition, the service’s decisioning rules engine drives intelligent cross-sales. All approved accounts can be funded online.

“We chose Online Resources’ hosted account opening service because of its seamless integration. Their service will provide new members the best online experience possible, from the moment a new member enrolls to the moment their account is funded,” said Sharon Spring, senior vice president of Sales & Service Division for SACU. “In addition, with the advanced administrative management, cross-selling module and reporting components, Online Resources has made this service just as easy for our staff to administer.”

“SACU understands that in today’s economic environment, it is crucial to utilize the web channel for sales,” said Ronald J. Bergamesca, Online Resources’ executive vice president and general manager, Community Bank and Credit Union Services. “Online account opening is swiftly becoming a mission critical component to any online offering.”

About Online Resources

Online Resources powers web-based financial services for thousands of financial institutions, billers and credit service providers. Its proprietary suite of account presentation and payment services are branded to its clients, and augmented by marketing services to drive consumer and business end-user adoption. The Company serves more than 10 million end-users and processes over $100 billion in bill payments annually. Founded in 1989, Online Resources (Nasdaq:ORCC; www.orcc.com) is recognized as one of the nation’s fastest growing technology companies.

About San Antonio Federal Credit Union

SACU is a $2.5 billion financial cooperative, providing its members a broad range of both savings and loan opportunities, with competitive rates and excellent service. With 16 branches in San Antonio, one branch in Houston and a large network of more than 100 ATMs in the San Antonio area, SACU is uniquely positioned to serve our community. For more information, visit www.sacu.com.

This news release contains statements about future events and expectations, which are "forward-looking statements." Any statement in this release that is not a statement of historical fact may be deemed to be a forward-looking statement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Specifically factors that might cause such a difference include, but are not limited to: the company's history of losses and anticipation of future losses; the company's dependence on the marketing efforts of third parties; the potential fluctuations in the company's operating results; the company's potential need for additional capital; the company's potential inability to expand the company's services and related products in the event of substantial increases in demand for these services and related products; the company's competition; the company's ability to attract and retain skilled personnel; the company's reliance on the company's patents and other intellectual property; the early stage of market adoption of the services it offers; consolidation of the banking and financial services industry; and those risks and uncertainties discussed in filings made by the company with the Securities and Exchange Commission, including those risks and uncertainties contained under the heading "Risk Factors" in the company's Form 10-K, latest 10-Q, and S-3 as filed with the Securities and Exchange Commission. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements.