CHANTILLY, Va., & ENGLEWOOD, Colo.--(BUSINESS WIRE)--Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, and The Western Union Company (NYSE:WU), a leader in global payment services, today announced both companies have teamed to provide financial institutions enhanced same-day, expedited payment solutions.
The combination of these two premier payment processors significantly expands the options available to consumers who want to make last-minute bill payments to billers through the websites of more than 500 financial institutions. Western Union brings to Online Resources’ banking clients a greatly enhanced expedited payments service that now includes same-day delivery and posting to many more prominent billers in the mortgage, credit card, auto finance, telecom, cable, utility and other industries.
The offering enables financial institutions to provide the speed of delivery options, posting accuracy and value that their consumers demand for same-day payments in any channel.
“Payment channels are evolving quickly as originators and consolidators are finding new ways to impact the speed, cost and accuracy in all bill payment channels,” said David Shapiro, Senior Vice President of Western Union Payments. “By integrating our expedited payments network with a market leader in online banking, Western Union and Online Resources can offer a powerful tool for the entire payment industry.”
“By teaming with Western Union, we are delivering on the value and promise that banks envisioned for expedited payments: a broad-reaching service that is highly attractive to consumers,” said Robert R. Craig, Executive Vice President of eCommerce Services for Online Resources. “The combined reach and speed to billers will drive adoption of the service through financial institutions, and deliver more guaranteed, on-time payments to billers.”
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions-branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. The Western Union, Vigo and Orlandi Valuta-branded services are offered through a combined network of 445,000 Agent locations in 200 countries and territories. In 2010, The Western Union Company completed 214 million consumer-to-consumer transactions worldwide, moving $76 billion of principal between consumers, and 405 million business payments. For more information, visit www.westernunion.com.
About Online Resources
Online Resources (Nasdaq: ORCC) specializes in powering financial interactions between millions of consumers and the company’s financial institution and biller clients. Backed by its proprietary payments gateway that links banks directly with billers, the company provides web and phone-based financial services, electronic payments and marketing services to drive consumer adoption. Founded in 1989, Online Resources has been recognized for its high growth and product innovation. It is the largest financial technology provider dedicated to the online channel. For more information, visit www.orcc.com.
Online Resources Corporation
This news release contains forward-looking statements based on Online Resources Corporation management's current expectations and beliefs and a number of assumptions concerning future events made with information that is currently available. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan," and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are not a guarantee of any results or performance and are subject to a number of known and unknown risks, uncertainties and other factors which could cause actual performance or results to differ materially and adversely from any results or performance expressed or implied by such forward-looking statements. Certain factors that might cause such a difference include, but are not limited to: a history of losses and anticipation of future losses; potential fluctuations in operating results; dependence on the marketing efforts of third parties; potential loss of one or more material clients; potential need for additional capital; potential inability to prevent systems failures and security breaches; potential inability to expand certain services and products in the event of a substantial increase in demand for such services and products; competitive pressures; ability or inability to attract and retain skilled personnel; reliance on patents and other intellectual property; potential change in the rate of user adoption of certain products and services; exposure to consolidation in the financial services industry; and government regulatory developments. For a more detailed description of the factors that could cause such a difference, please refer to our latest filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K. We assume no obligation to update or supplement any forward-looking statements.
Online Resources and the Online Resources logo are trademarks of Online Resources Corp. Other company and product names may be trademarks of their respective owners.
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