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LT to Provide Correspondent Technology and Services to Volunteer Corporate Credit Union(January 05, 2012)
WICHITA, KS -- (Marketwire) -- 01/05/12 -- Volunteer Corporate Credit Union (VolCorp) based in Nashville, TN announced today that it has entered into an agreement with LendingTools.com (LT), the leading provider of third-party correspondent financial service solutions, to implement LT's Private Correspondent Gateway.
VolCorp will transition their members from U.S. Central Bridge's APEX ACH platform to LT's ACH solution. Karla Knisley, Senior Vice President and Chief Operations Officer at VolCorp said they anticipate the conversion to commence early 2012. "We evaluated the viable alternatives for quite some time and following our due diligence, we found LT simply had the passion and the expertise to support and enhance our unique model of payments delivery. Additionally, they have the option to consolidate and expand our product offerings with new and integrated services previously not available in a single platform while minimizing our costs as we move forward."
Outside of the Federal Reserve, the only third party vendors to operate a wholesale ACH platform to this scale are U.S. Central and LT. "As U.S. Central winds down, we are in a position to offer a replacement and an enhancement to a very good incumbent system," said Eric Goering, CEO of LT. "We pride ourselves in understanding these unique deployments, and we are excited to work with the caliber of people at VolCorp."
VolCorp has also secured the opportunity for member CUs to offer their own branded LT cash management systems for ACH origination services to business members (SEGs) as well. As credit unions continue to look for new sources of revenue, this uniquely interfaced service option will encourage expansion of CU business member bases with seamless integration into VolCorp's correspondent cash flow and settlement.
Headquartered in Wichita, KS, LT specializes in the design, delivery and integration of web-based applications for correspondent financial institutions and their respective customer base. Over 20,000 users from more than 3,000 financial institutions utilize LT services on a daily basis. LT is SSAE16 (formerly SAS 70 Type II) Certified and is regulated and examined under FFIEC guidelines as a Technology Service Provider. A privately-held, Kansas Corporation. Please visit www.LendingTools.com for more information.
Volunteer Corporate Credit Union (VolCorp) is a not-for-profit financial cooperative that serves natural person credit unions nationally. Guided by a volunteer board of directors, VolCorp was organized for the express purpose of providing low-cost financial services and competitive investment and lending rates to our member/owners. Visit www.volcorp.org for additional information.
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