Online Resources and Communications Inc. has received $7 million in venture capital funding from a group of investors led by Dominion Ventures, San Francisco.

The company said the money will fund its growth as banks and thrifts sign on to use its patented bill payment software. Online Resources has 315 financial institution customers, up from 60 two years ago. Online Resources executes real-time transactions through the ATM networks, which is cheaper than signing on with a bill payment processor and easier for banks to set up, said Robert Griendling, a company spokesman.

Competitors include Checkfree Corp., Transpoint, and M&I Data Services. M&I recently bought the electronic bill payment and presentment business of Travelers Express.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.