Covers Live Agent, IVR and Web Card Payments to All Biller Types
CHANTILLY, Va.--(BUSINESS WIRE)--Online Resources Corporation (Nasdaq: ORCC), a leading provider of online financial services, today announced that it has been awarded a new patent for a broad range of biller service provider (BSP) bill payment transactions by the United States Patent and Trademark Office. U.S. Patent No. 7,693,790 extends to mid-2014 and covers the technology and processes used in the company’s eCom Advantage Suite.
“This important addition to Online Resources’ intellectual property further expands on the company’s track record of financial technology innovation”
The patent, "Method and System for Remote Delivery of Retail Banking Services," is a continuation application of Online Resources’ original U.S. Patent, No. 5,220,501, which covered online banking and bill payment services and expired in December 2009. This original patent granted Online Resources exclusive rights to process various real-time electronic Automatic Teller Machine (ATM) network-based debit transactions for consumers using home terminals to purchase goods or services, pay bills and/or do home banking.
The new patent covers BSP bill payment transactions including payments using credit cards, debit cards and PINless debit via live agent, IVR and web-based payment systems. Some examples of use of the patented technology may include when:
- A consumer uses their mortgage company’s IVR to make their monthly payment on their debit card;
- A business pays its utility bill via the web and charges it to a commercial credit card;
- A consumer speaks to a hospital’s billing representative to arrange a series of payments using their debit card;
- A business pays its quarterly insurance premiums through the IVR by using a purchasing card; and
- A consumer uses the phone to pay their mobile phone bill by selecting one of several payment cards they have on file with the telecom provider.
Online Resources’ eCom Advantage Suite is a comprehensive set of electronic billing solutions for presentment, payment and receivables. Clients are billers in many industries such as credit card, auto finance, mortgage, insurance, healthcare, telecommunications and utilities, including 13 of the top 20 U.S. card issuers.
“This important addition to Online Resources’ intellectual property further expands on the company’s track record of financial technology innovation,” said Robert R. Craig, executive vice president of eCommerce Services for Online Resources. “The grant of the patent underscores the quality of the products and services we are pleased to provide to our biller clients across multiple industries that help them succeed in the online channel.”
Online Resources’ intellectual property also includes U.S. Patent No. 5,870,724, which covers providing targeted advertising in a home retail banking delivery service and expires in 2015. Online Resources also held U.S. Patent Nos. 6,202,054 and 7,076,458, which granted the company additional exclusive rights over various online banking transactions.
About Online Resources
Online Resources (Nasdaq: ORCC) powers financial interactions between millions of consumers and the company’s financial institution and biller clients, including 12 of the top 13 U.S. retail banks and 13 of the top 20 U.S. card issuers. 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 is the largest financial technology provider dedicated to the online channel. For more information, visit www.orcc.com.
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