OLB provides turnkey shopping solutions to many of the web's largest online merchants and features over 2 million products including music, books, electronics, software, flowers, videos, toys, fragrances, chocolates and sporting goods. OLB's fulfillment service will ship customer orders in customized packaging featuring marketing information designated by the portal's bank host. Customer service provided by OLB includes toll-free phone support as well as live, on-line assistance to assure consumers' satisfaction.
"We've become a leader in Internet banking solutions by providing our customers with the technology solutions they need to succeed in a fiercely competitive and fast-changing marketplace," stated Michael E. Henry, Chairman and Chief Executive Officer. "The wide variety of merchandise that OLB.com carries, coupled with our integrated banking solution, should allow our bank portal customers to capture a fair share of the growing e-commerce business that their customers are currently conducting through other sites."
"Community banks enjoy a very high level of trust with consumers," stated Ronny Yakov, OLB's Chief Executive Officer. "We believe community bankers can leverage these close customer relationships with our extensive merchandise offerings. Combining our extensive merchandise selection with Jack Henry's real-time, on-line banking capabilities, will help community bankers establish their institution as the center of e-commerce in their community. As a result, we believe the NetHarbor has great potential for helping banks generate an entirely new revenue stream from e-commerce transactions. In addition, this agreement offers strong revenue potential for both OLB and for Jack Henry."
A complete Jack Henry portal solution, with integrated on-line shopping, NetTeller internet banking and brokerage services, is a very cost effective alternative for JKHY financial institutions. JKHY's portal solution is expected to be launched this spring and at that time can be implemented within 5 to 7 weeks, a fraction of the time for any custom-built application. In addition, each financial institution will be able to customize the information on its portal to provide local information and resources, gaining the community edge to attract and retain visitors. Additionally, each user of the portal will be able to customize the layout and content, similar to competitive portal offerings.
Jack Henry & Associates, Inc. provides integrated computer systems and ATM networking products for banks and credit unions. Jack Henry markets and supports its systems throughout the United States and has over 2,600 financial institution clients serving millions of banking customers nationwide. For additional information on Jack Henry, visit the company's web site at www.jackhenry.com. For additional information on OLB.com visit www.olb.com.
