CHANTILLY, Va.--()--Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced its eCommerce Services unit has introduced a robust disbursement solution that leverages the Company’s existing payments infrastructure. DIRECTV (Nasdaq: DTV) is one of five major billers that implemented the service in the first quarter.
“This fully automated electronic payables service for both banks and billers is a natural extension of our full suite of EBPP and electronic receivables services.”
The disbursement solution satisfies a range of applications across a variety of industries including mortgages, credit cards, insurance, utilities, health care and others. Typical uses include refunds, rewards payments, credit card balance transfers, settlements, escrow payments, insurance claims, royalty payments and flexible spending account reimbursements.
For billers looking to consolidate their costly, disparate processes, Online Resources efficiently manages business-to-consumer and business-to-business payments through the entire disbursement lifecycle. The Company manages end-to-end payment origination, clearing and settlement, reconciliation, exception processing and escheatment. Compared to in-house processing, clients typically reduce their processing costs by 30 percent or more, due in part to Online Resources’ network of over 6,000 electronic biller endpoints that provides faster, more efficient and accurate payment posting.
“For 20 years, Online Resources has had the infrastructure in place to facilitate online payments to the full spectrum of billers as well as consumers,” said Robert R. Craig, Online Resources’ executive vice president and general manager of eCommerce Services. “This fully automated electronic payables service for both banks and billers is a natural extension of our full suite of EBPP and electronic receivables services.”
DIRECTV is one of five clients now live with the disbursement solution, including a major credit card issuer, a mortgage payment provider and a telecommunications firm.
Disbursement is part of Online Resources eCom Advantage Suite, the most comprehensive set of electronic billing solutions for presentment, payment and receivables to billers in many industries including healthcare, consumer finance, telecommunications and utilities.
About DIRECTV, Inc.
DIRECTV, Inc. (NASDAQ:DTV - News), the nation’s No. 1 satellite television service, presents the finest television experience available to more than 17.6 million customers in the United States and is leading the HD revolution with more than 130 HD channels. Each day, DIRECTV subscribers enjoy access to over 265 channels of 100% digital picture and sound, exclusive programming, industry-leading customer satisfaction (which has surpassed national cable companies for eight years running) and superior technologies that include advanced DVR and HD-DVR services and the most state-of-the-art interactive sports packages available anywhere. For the most up-to-date information on DIRECTV, please visit directv.com.
About Online Resources
Online Resources (NASDAQ: ORCC) powers 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.
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; dependence on the marketing efforts of third parties; potential fluctuations in operating results; ability to make and successfully integrate acquisitions of new businesses; potential need for additional capital; potential inability to prevent systems failures and security breaches; potential inability to expand services and related products in the event of substantial increases in demand; competition; ability to attract and retain skilled personnel; reliance on patents and other intellectual property; exposure to the early stage of market adoption of the services it offers; exposure to the consolidation of the banking and financial services industry; and additional 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.