Magic Line, Inc., the Midwest’s largest EFT network, and Online Resources & Communications Corporation today announced they have signed an agreement to offer Online Resources’ remote banking and interactive financial services to Magic Line’s banks, credit unions and thrifts.
Magic Line, the seventh largest network in the nation, serves more than 1,000 financial institutions in the Midwest. Online Resources will offer its industry-leading banking and billpaying services, distinguished by their real-time and integrated, multi-access capabilities.
“Magic Line is pleased to make this agreement with Online Resources, who has an excellent reputation in the marketplace. Through it, we will be able to expand remote banking services to our financial institutions, as we continue to meet their needs and offer choices to help them compete,” said John Bascom, president and CEO of Magic Line, Inc.
Complementary Strengths in Real-time Services
Online Resources CEO Matthew P. Lawlor said his company, which holds a patent relating to real-time financial services, believes that Magic Line will play a key role in fostering interactive services. “Magic Line and other EFT networks, along with Online Resources, have pioneered real-time services. Twenty-four hour cash-on-demand and POS card services are among the financial services initiatives that have changed the way consumers manage their money. The trust the public has in Magic Line and the support the network has shown its banks, credit unions and thrifts make Magic Line an excellent partner for us.”
For consumers, there are several key advantages to a real-time environment:
Balances are up-to-the-minute
Because accounts are verified before bills are paid, online overdrafts are eliminated.
Consumers can use various devices from anywhere and at any time and yet get up-to-the-minute information. This makes real-time especially important to families where more than one member has access to accounts.
Real-time debiting facilitates bill paying. Online Resources, for example, can guarantee most payments within two days.
Other strong attractions of the Online Resources’ service are that it can be tailored to institutions of all sizes and that it offers customer service support that is often mission-critical to the mid-size institutions.
Lawlor said the Magic Line partnership represents a major thrust for his company in the Midwest. “We are extremely pleased that the largest Midwest EFT network has chosen to support financial institutions with a multi-device, outsourced approach that’s easy to implement,” Lawlor said, noting that his company offers consumer access via the Web, private networks, telephones and ScreenPhones.
Online Resources’ offers proven Web real-time service. Since mid-1996, the company has provided to institutions of all sizes the ability to conduct real-time transactions on the Web. Moreover, it has a industry-wide reputation for developing and launching reliable and secure Web banking services that include cash management and billpaying, as well as Web site design and hosting, for $30,000 to $50,000.
As one of the top regional EFT networks linked throughout the United States and globally, Magic Line supports 14.9 million cardholders with access to over 165,000 ATM, POS and remote banking terminals. The company offers: full-service ATM placement and management; ATM terminal driving with customized options; cardbase management and authorization services; online POS debit services with ML Pay, Maestro and Interlink; offline POS debit services with MasterMoney and Visa Check Card; remote banking/bill payment services; the Magic Line Mobile ATM; Internet Web Site development; marketing services; and the Magic Line PrePaid Calling card. Magic Line’s Internet Web Site address is [www.magicline.com].
McLean, Va.-based Online Resources & Communications Corporation () is a leading wholesaler of interactive consumer financial services to financial institutions. The company provides a “one-stop shop” for its institutional clients. It integrates a large variety of consumer access options (PC ScreenPhone, Telephone via internet or private network) with an extensive set of financial transaction services (billpaying, banking and other services). Using its patented ATM network-based architecture, the company’s real-time transactions offer major cost and quality benefits. The company’s core services are augmented by a host of products and support services. Online Resources, a privately-held company founded in 1989, serves more than 225 financial institutions nationwide.