|[February 27, 2013]
ORCC Announces Virtual Collection Agent 5.0 Service to Automate Lenders' and Billers' Debt Collection Process
CHANTILLY, Va. --(Business Wire)--
Resources Corporation (NASDAQ: ORCC), a leading provider of
financial technology services, today announced the launch of Virtual
Collection Agent (VCA) 5.0, the latest version of its web-based debt
collections tool for financial institutions and billers of all types.
"VCA provides an online emulation of the live agent interactions that
many indebted consumers would have had over the phone in the past,"
explained Janie West, ORCC chief marketing officer. "It enables
consumers to arrive at a payment resolution in a private,
non-confrontational environment via the Internet. VCA gives consumers
the full service experience they expect, but it's all handled using
intelligent automation to determine each person's eligibility for
payment plans and tailoring of payments to that consumer's specific
situation to resolve the overdue status if payment in full cannot be
The 5.0 version provides a host of new features that benefits lenders
and billers as well as the consumers they serve. VCA's 24x7 collections
environment helps companies to reduce operating costs, maximize
collections, and reduce loan losses for overdue auto loans, mortgages,
credit card bills, and other personal debt. At the same time, it gives
consumers a better way to restore their good account standing and
eliminate the hassle of debt collection. They can be offered payment
programs and settlement arrangements online based on each biller's own
eligibility rules, which can be based on existing account data or on
information supplied in real-time by consumers.
New features of VCA 5.0 for lenders and billers include:
Access to detailed consumer behavior data and new, intuitive tools to
control automation of online offers;
The ability to handle multi-account relationships with each consumer
so that a single sign-on will take customers to any of their accounts
that need resolution;
Support for promotional codes that enable tracking of marketing
campaigns and previous interactions with call center agents to arrive
at repayment offers specifc to each consumer;
Consumer experience in virtually any language; once consumers sign on
to the site and specify their preferred language, each subsequent
visit is automatically set to use that language; and
Addresses Americans with Disabilities Act (ADA) accessibility concerns
with the option to certify as WCAG 2.0 Level AA compliant.
VCA is currently collecting at a rate of $2.4 billion per year, and West
points out the additional benefits to billers and lenders.
"When a $300 payment prevents a lender from charging off a $5,000
balance, that has a direct impact on an organization's bottom line.
Through champion/challenger studies, we've measured VCA's average
reduction in loan losses at 10 percent annually. We expect future
results will identify even greater value in returning customers'
accounts to good standing - and profitability," said West.
"Organizations seeking to improve their collections would be well-served
to augment their legacy methods with a tool geared toward the
preferences and behaviors of today's consumers whose primary need is to
resolve the situation without embarrassment or having their schedule
interrupted. Consumers simply do not want to be contacted by a live
agent. With the Virtual Collection Agent 5.0, billers can collect more,
for less, while restoring good, profitable relationships with their
About Online Resources Corporation
Online Resources Corporation (NASDAQ: ORCC) powers financial
interactions between millions of consumers and the company's financial
institution and biller clients. 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, ORCC is the
largest financial technology provider dedicated to the online channel.
For more information, visit www.orcc.com.
This news release contains forward-looking statements based on Online
Resources Corporation management's current expectations and beliefs and
a number of assumptions concerning future events made with information
that is currently available. The words "will," "would," "may," "should,"
"estimate," "project," "forecast," "intend," "expect," "believe,"
"target," "designed," "plan," and similar expressions are intended to
identify forward-looking statements. Readers are cautioned not to place
undue reliance on such forward-looking statements, which are not a
guarantee of any results or performance and are subject to a number of
known and unknown risks, uncertainties and other factors which could
cause actual performance or results to differ materially and adversely
from any results or performance expressed or implied by such
forward-looking statements. Certain factors that might cause such a
difference include, but are not limited to: a history of losses and
anticipation of future losses; potential fluctuations in operating
results; dependence on the marketing efforts of third parties; potential
loss of one or more material clients; potential need for additional
capital; potential inability to prevent systems failures and security
breaches; potential inability to expand certain services and products in
the event of a substantial increase in demand for such services and
products; competitive pressures; ability or inability to attract and
retain skilled personnel; reliance on patents and other intellectual
property; potential change in the rate of user adoption of certain
products and services; exposure to consolidation in the financial
services industry; and government regulatory developments. For a more
detailed description of the factors that could cause such differences,
readers are advised to review Online Resources Corporation's latest
filings with the Securities and Exchange Commission, including (but not
limited to) the information provided under the heading "Risk Factors" in
our latest Annual Report on Form 10-K (which filings are available,
among other places, from the SEC's (News - Alert) EDGAR database at www.sec.gov
and via the Company's website at www.ORCC.com).Online
Resources assumes no obligation to, and expressly disclaims any
obligation to, update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Online Resources, ORCC and the Online Resources logo are trademarks
of Online Resources Corp. Other company and product names and logos used
in this release are the trademarks of their respective owners.
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