On-Line Banking: Online Resources Signs 100th Banking Company

Online Resources and Communications Corp. said it hit the 100-customer milestone last month with the signing of Magna Bank of St. Louis.

At $6.9 billion of assets, the Magna Group subsidiary is one of the largest using Online Resources' interactive banking system. The vendor's customer base has soared from seven early last year to 115 as of late July.

Online also signed Honor Technologies Inc., operator of the Honor electronic funds transfer network, to offer its home banking technology to member institutions.

"We wanted to find a partner that was both reliable and visionary, so our customers would feel secure doing business with us on-line and easily recognize the benefits convenient access to their accounts can bring," said G. Thomas Andes, chairman of Magna, which plans to officially launch the service under its own brand name this fall.

Customers will be able to use the Internet or a private network, personal computers or screen phones to do on-line banking and bill paying. They will be able to transfer funds to Magna from other institutions and, upon publication of standards such as Open Financial Exchange, perform banking transactions via the Quicken and Money personal finance software.

Mr. Andes said no other vendor "forged all the components into an attractive package as has Online Resources."

"More and more institutions are recognizing that they can't attract customers with a solution that is fragmented, batch-oriented, and riddled with errors," said Raymond T. Crosier, Online's senior vice president of sales. "Nor do they want a service owned by their competition," he said.

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