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LendingTools and Viewpointe Team Up on Corporate CU Settlement for Post U.S. Central World(December 29, 2011)
WICHITA, KS and NEW YORK, NY -- (Marketwire) -- 12/29/11 -- LendingTools (LT) and Viewpointe have signed an agreement to jointly provide a new settlement option for the Corporate Credit Union industry. The service, when available, will integrate the net settlement of wholesale payment service originators with Corporate Credit Unions and their member natural person credit unions. By leveraging LT's payments technology and Viewpointe's aggregate net settlement technology, the solution will provide Corporate Credit Unions and their various service providers an alternative to the legacy direct settlement options currently used today.
"There is a natural fit between Viewpointe and LT in tackling this issue," said Glenn Wheeler, Vice President of Viewpointe Clearing, Settlement and Association Services. "We operate the Viewpointe National Settlement System with real-time settlement access to all financial institutions. We are experts in settlement. LT has the expertise in dealing with correspondent payment relationships and can successfully manage thousands of online institutions, each with unique needs. By combining our strengths we can help solve the difficult issue of ongoing and efficient settlement for credit unions."
"LT is a central repository for correspondent transactions such as ACH, wires, check and international payments. Viewpointe extends our ability to settle with all Corporate and natural person credit unions nationally without the need to originate individual ACH or wire transactions for settlement," said Mike Isaacs, President of LT. "Viewpointe provides the national reach; LT provides the access to Corporates and NPCUs."
This new settlement option has been devised to streamline settlement processes in place today, and is anticipated to be ready for testing in first quarter 2012. "We want to minimize the impact on the originators, corporates and members in transitioning to this new system. It needs to be as easy as possible," said Mike Isaacs. Mr. Wheeler added, "Integrated settlement is a unique requirement in correspondent services, and this agreement brings together the right organizations to meet the challenge -- Viewpointe and LT."
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 25,000 users from more than 3,000 financial institutions utilize LT services on a daily basis. A privately-held corporation, LendingTools.com was founded by and is operated by financial institution professionals. Please visit www.LendingTools.com for more information.
Viewpointe® is a leading provider of multibank infrastructure solutions for customers ranging from credit unions to Fortune 100 financial institutions. With one of the largest national archives of check images and digital information in a private cloud environment, Viewpointe offers archive capabilities, end-to-end check image exchange clearing and settlement and Automated Clearing House association services. Bank Technology News named Viewpointe one of the top innovators of 2008, an annual ranking of the 25 most advanced people, companies and technologies in financial services. Since 2006, Viewpointe has been named to the prestigious FinTech 100, representing the best of the best in financial technology and service providers. For more information, please visit http://viewpointe.com/.
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