Online Resources Deploys Multi-Factor Authentication with High Consumer Adoption
CHANTILLY, Va.--(BUSINESS WIRE)--Online Resources Corp. (NASDAQ:ORCC), a leading provider of Web-based financial services, today announced it has successfully deployed its integrated security solution in advance of the year-end deadline set by the Federal Financial Institutions Examination Council (FFIEC). The deployment brings Online Resources’ Internet Banking and Bill Payment clients in compliance with the FFIEC’s authentication guidelines.
The security solution leverages Online Resources’ unique single platform to bridge and protect both the Internet banking and bill payment applications, and eliminates the need for the company’s full service clients to implement multiple security technologies. Through a partnership with RSA, The Security Division of EMC, the solution includes integrated risk-based authentication, anti-phishing technology and risk management reporting.
Early end-user activity reports show that an impressive 80 percent of eligible users have set up security questions or selected an authentication image on their first session. In addition, there has been virtually no impact on call levels to Online Resources’ customer care.
The high end-user adoption of the security solution is attributed to Online Resources’ relationship management services. Prior to the deployment of the solution, a multi-faceted consumer education campaign was rolled out that included targeted in-session messaging, video tutorials, and other instructional information embedded in the application.
“We are very pleased to complete implementation of this mission-critical service to our financial institution clients ahead of schedule,” said Ronald J. Bergamesca, senior vice president and general manager of Online Resources’ Banking Services. “Through the combination of our unique capabilities, we were able to smoothly integrate a major security enhancement without disruption thereby raising consumer confidence in our client financial institutions.”
Enhancements to the security solution planned for 2007 include customized transaction monitoring, which will be linked to end-user profiles for improved detection of suspicious payment or funds transfer activity.
About Online Resources
Online Resources powers web-based financial services for 2600 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 8 million end-users and processes $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 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; 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.