Payments Veteran Joins Online Resources Executive Team

CHANTILLY, Va.--(BUSINESS WIRE)--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.

“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”

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.

About Online Resources

Online Resources powers financial technology 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 over 10 million end-users and processes $100 billion in bill payments annually. Founded in 1989, Online Resources (www.orcc.com) is recognized as one of the nation’s fastest growing companies.

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.