The Board of Directors of the Electronic Funds Transfer Association (EFTA) today announced the election of Raymond T. Crosier of Online Resources Corp. as its chairman for a two-year term.

Crosier is currently president and chief operating officer of Online Resources (Nasdaq: ORCC), a Chantilly, Va.-based provider of Web-based financial services to thousands of banks, billers and credit-service providers. Crosier oversees day-to-day operations of the company’s three divisions and its banking technology unit.

Richard G. Lyons, Jr., executive vice president of Global Debit and Prepaid at MasterCard Worldwide was elected to serve as vice chairman. Sandra Hartfield, president/chief executive officer Electronic Banking Division of Palm Desert National Bank, and Lynn Barr, a partner in the law firm of Goodwin Procter, LLP were re-elected treasurer and secretary of the Board respectively.

“We welcome Ray’s industry expertise and background at a time of profound change in the electronic payments industry,” said H. Kurt Helwig, president and CEO of the Association. “The Association will benefit greatly from Ray’s leadership in the new financial services sector, especially as we become more involved in non-traditional and emerging payment areas.”

Upon his election Crosier said “Succeeding an industry leader like Ron Congemi is a daunting task. I look forward to the challenge of leading the association into its fourth decade, and along with Rick and my other fellow officers, expanding the public and private sector relationships that Ron and Kurt have developed.”

A veteran of more than 25 years in the financial-services industry, Crosier has served for seven years as president and chief operating officer of Online Resources.

About the Electronic Funds Transfer Association

The Electronic Funds Transfer Association (www.efta.org) is the nation’s leading trade association dedicated to the advancement of electronic payment systems and commerce. Working often with Congress and a variety of federal agencies it provides critical intervention services on issues of regulatory or legislative importance to its members. Its members include shared ATM networks, financial institutions, manufacturers, payment processors, online payment providers, and technology-management companies.

About Online Resources

Founded in 1989, Online Resources provides financial technology services for thousands of financial institutions, billers and credit service providers. Its proprietary suite of account presentation and payment services are branded to its clients, and augmented by marketing services to drive consumer and business end-user adoption. The Company serves over 10 million end-users and processes $100 billion in bill payments annually.