The FINANCIAL — Online Resources Corporation (Nasdaq: ORCC), one of the leading providers of online financial services, and The Western Union Company (NYSE:WU), one of the leaders in global payment services, on April 4 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."
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