Solution increases OSS distribution channel of the Webb Builder(TM) technology and platform, furthering OSS' cutting-edge electronic banking services in the financial market
DENVER -- May 11, 1999 -- (PRIMEZONE) Online System Services, Inc. (OSS) (Nasdaq: WEBB), a leader in private label portals and integrated content, communications and commerce Internet services, today announced it will deliver a customized, turn-key electronic banking solution to HP Rocky Mountain Federal Credit Union (HP Rocky Mountain FCU), a progressive full service financial institution serving Northern Colorado Hewlett Packard employees and their families.
The new banking service, which is expected to launch in 90 days with 3,000 members, will further increase OSS' distribution channel and accelerate user adoption of its Webb services. Recognizing the industry trend toward self-service remote banking, OSS has secured significant traction in the online banking services market, which is projected to triple this year and to account for one-third of the overall US banking-applications market by 2000.
"Our agreement with OSS represents a big advance in home banking for our 15,000 member credit union," said Maureen Tebo, HP Rocky Mountain FCU CEO. "This solution is a significant improvement to our existing system, providing even more value to our members via the enhanced capabilities of the Webb platform."
OSS' custom banking solution, based on the company's proprietary Webb Builde(TM) platform and the Electronic Banking System (EBS) from Edify Corporation (Nasdaq: EDFY), provides HP Rocky Mountain FCU with an outsourced, fully integrated solution for putting member banking services online. With over 100 financial institution licensees worldwide, EBS harnesses the power of the web and the call center to develop customer loyalty and satisfaction, creating profitable, long-term financial relationships. Under the agreement, OSS will provide HP Rocky Mountain FCU with a fully interactive web presence that facilitates two-way communication with members and extends a comprehensive suite of online transactional and other banking conveniences such as 24x7 real time account access, secure transactions and fund transfers, and data export to Quicken(TM) and Microsoft Mone(TM).
OSS' custom banking solution is built upon its Webb Objects(TM) foundation, the Company's proprietary technology providing scaleable building blocks for the rapid deployment of sophisticated web applications and private label portals. Specifically designed for credit unions, community banks, and S&Ls, OSS' banking solution is further testimony to the flexibility of its Webb Objects(TM) and Webb Builder(TM) technology and platform. OSS has used the same underlying technology to create a host of other turn-key web application solutions across different industries such as virtual campus and classrooms for Tele-Communications, Inc. (TCI) and virtual extranets for Re/Max International. The cross-selling and community-building features of its banking solution will also deliver a unique targeted marketing opportunity to HP Rocky Mountain FCU for its members.
"Over the past year, we've gained significant knowledge in online banking solutions through our successful relationships serving Rockwell Federal Credit Union and CU Cooperative Systems. We're extremely excited to see the momentum we're gaining in the financial services sector of our business and this new relationship with HP Rocky Mountain FCU. We're looking forward to working with HP Rocky Mountain FCU to assist them in delivering a superior online banking service to their members - which is crucial to success in today's financial market," said Steve Adams, Chairman and CEO of Online System Services. "Our customer-focused, customer-driven banking solution will put them far ahead of their competition, and will further increase distribution of the Webb platform so that even more members can benefit from our easy to use, fully-integrated content and commerce services."
Online System Services will customize its banking solution with the HP Rocky Mountain FCU identity, as well as assemble, configure and integrate all components of the system including hardware, software and other equipment. OSS will host and operate the system as a service bureau to provide the customized banking services to HP Rocky Mountain FCU members on an outsource basis.
Online System Services 24x7 system operations and management will deliver reliable, redundant high-bandwidth Internet connections, private interfaces to members of HP Rocky Mountain FCU, and a secure link to their host processing system. In addition, OSS will provide training and customer support materials, and will provide Tier 2 technical support to HP Rocky Mountain FCU.
About Online System Services
Online System Services, Inc. (www.ossinc.net) is the de facto industry leader in developing private label portals that deliver integrated content, communications and commerce Internet services to consumers. Using its proprietary Webb Objects(TM) toolset, which is based exclusively on Microsoft Corporation technologies, OSS builds custom solutions for distribution partners which integrate advanced Internet services such as email, instant messaging, website and storefront hosting, and also generate new revenues and build repeat traffic. OSS centrally hosts and aggregates each private label portal and the users from each portal, leveraging future revenues from targeted advertising and one-to-one marketing of its products and services. OSS' clients include Bresnan Communications, InterMedia Partners, MVS.NET, 21st Century, Peak Cablevision, Rapid Communications, StarStream, Tele-Communications, Inc., TCI Education Project, RE/MAX International, Rockwell Federal Credit Union and CU Cooperative Systems.
About HP Rocky Mountain Federal Credit Union
Founded in 1976, HP Rocky Mountain Federal Credit Union (HP Rocky Mountain FCU) (www.hpcu.com) was formed to exceed the financial service expectations of their field of membership with a commitment to foster member, employee, and sponsor loyalty, while assuring a strong financial position.
Information and statements in this report, other than historical information, should be considered forward-looking and reflect management's current views of future events and financial performance that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to, the following: general economic conditions and developments within the Internet and Intranet industries; product development and technology changes; competition and pricing pressures; length of the sales cycle; variability of sale order flow and management growth.
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