Online Resources & Communications Corp. announced that its annualized transaction run rate is now more than 30 million and that the number of end users enrolled for its service has reached 275,000 consumers.
Matthew P. Lawlor, chairman and chief executive officer of Online Resources, said, “Because our business model is based on recurring user fees spread over relatively fixed costs, continuing strong transaction and user growth are measurable indicators of Online Resource’s accelerating progress toward sustainable profitability and increased shareholder value.”
The company reported 275,000 end-users compared to approximately 100,000 at this time last year. Approximately 55 percent of these users subscribe to the company’s bill payment processing services.
In August, the company processed 2.8 million transactions, a 166 percent increase over August 1999 and a 26 percent increase over the monthly average for the second quarter 2000 (2Q00). On an annualized basis, the company processed 33 million transactions versus a 12 million run-rate the prior year.
Transactions in the month of August included:
1.3 million banking transactions, an increase of 164 percent year-to-year and 25 percent over 2Q00
550,000 bill payment transactions, an increase of 155 percent year-to-year and 24 percent over 2Q00
200,000 customer care contacts, an increase of 153 percent year-to-year and 29 percent over 2Q00
750,000 other transactions, an increase of 183 percent year-to-year and 28 percent over 2Q00
Banking transactions include balance inquiries, account statement reviews, and transfers. Bill payments are processed and settled by the company. Customer care includes contacts with the company’s call center and emails (of which 72 percent were requests for service expansion). Other transactions include EFT authentications and other e-finance services.
Online Resources & Communications Corporation ([http://www.orcc.com]), a leading Internet application service provider, offers a comprehensive suite of e-financial services. The company provides its Quotiensm Internet banking, bill payment, customer care and other Web-based financial services to over 450 financial institutions with over 275,000 end-users. An integrated database enables seamless user support, targeted marketing, and personalization. Clients and users benefit from a simple yet powerful Internet solution, backed by an end-to-end service quality guarantee and bundled pricing advantages. Online Resources was founded in 1989 and has 400 employees.