Corillian Customers Recognize Significant Bill Payment Savings; Greater Efficiency, Control Achieved Through Corillian Payments Warehouse.Business Editors/High-Tech Writers PORTLAND, Ore.--(BUSINESS WIRE)--Oct. 21, 2003 Corillian Corp. (Nasdaq:CORI), a premier provider of enterprise software and services for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry, today revealed that many of its clients are gaining greater control of the entire bill payment process and achieving significant savings as a result of using the Corillian Payments Warehouse. More than 50 percent of Corillian's customers leverage the Corillian Payments Warehouse to more effectively manage their payment streams internally. TowerGroup, an industry-leading financial services research and consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , recently released a report that predicts that online payment warehouse solutions could reverse the existing trend toward outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. bill payment processing. "The sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. of payments warehouse products available in the marketplace is increasing markedly," said Beth Robertson, a senior analyst in the Global Payments practice at TowerGroup. "Institutions are increasingly seeking ways to reduce costs and retain control of customer data, and each of these factors is a potential benefit of an internally managed bill payment warehouse solution." Achieving Greater Efficiency, Control of the Payments Process The Corillian Payments Warehouse gives financial institutions the ability to control all aspects of their payment offerings, from the up-front customer experience to back-end payments processing. Financial institutions can avoid paying third party transaction fees and reduce processing time for on-us payments and can use least-cost routing to select from a number of payments processors and funding models to achieve dramatic cost savings. A completely customizable user interface enables financial institutions to optimize optimize - optimisation usability How easy something is to use. Both software and Web sites can be tested for usability. Considering how difficult applications are to use and Web sites are to navigate, one would wish that more designers took this seriously. See user interface and usability lab. and deliver features that differentiate their payment offerings. By providing better control of customers' payment data, the Corillian Payments Warehouse also allows financial institutions to package complementary product offerings with online bill payment to increase revenue, such as tying lines of credit to bill pay accounts to generate interest income and give customers more flexibility in managing their cash flow. "Free bill payment has proven to be effective in driving online banking adoption. It's here to stay," said Alex Hart, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Corillian. "The bill payment processing companies have worked hard to reduce the costs of online bill payment, however, they have been understandably slow to embrace financial institutions' desires to take greater control of the bill payment process. Many of our customers recognize that while these processors provide a valuable service, the cost and control advantages of deploying our payment warehouse are compelling. Customers who leverage the Corillian Payments Warehouse to manage the online bill payment process have already recognized millions of dollars in cost savings by taking advantage of our proven on-us and least cost routing A feature of a telephone system that automatically connects an outgoing telephone call with the telephone service that costs the least to that location at that time of day. Depending on how it is programmed, least cost routing will either drop down to the second most-efficient service if capabilities." About Corillian Corporation Corillian is a premier provider of enterprise software and services for the financial services industry. Empowered with Corillian solutions, some of the world's most visionary 1. visionary - One who hacks vision, in the sense of an Artificial Intelligence researcher working on the problem of getting computers to "see" things using TV cameras. (There isn't any problem in sending information from a TV camera to a computer. financial institutions provide their customers with the tools to manage their finances more effectively. Corillian's solutions are unmatched in reliability and performance, and successfully scale at some of the world's largest financial institutions. Corillian's proven solutions enable financial institutions to deliver innovative services enterprise-wide, across multiple delivery channels and multiple lines of business. The Corillian Voyager Voyager, airplane Voyager, the first airplane to circumnavigate the earth nonstop on a single load of fuel. Designed by Burt Rutan and flown by Dick Rutan and Jeana Yeager, Voyager took off from California on Dec. platform provides secure and scalable account access and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. for a wide variety of applications built by Corillian's expert software developers, by Corillian-certified partners, and by the in-house development organizations of some of the world's best financial institutions. For more information about Corillian Corporation, visit the company's Web site at http://www.corillian.com. |
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