LT Deploys Private Correspondent Gateway to Corporate Credit Union in Record Time
Wichita, Kansas February 8, 2012 –Anticipating the wind down of US Central’s APEX ACH system, a significant number of corporate credit unions took proactive steps to partner with LT, the leading provider of technology to correspondent financial institutions, to guarantee their member credit unions have uninterrupted access to critical ACH services. With the NCUA timelines now specifically defined, these forward thinking Corporate CUs are rolling out access to the new private labeled platforms in record time.
LT has taken the process well beyond just a technology implementation by developing a comprehensive process to include coordinating with central ACH Operators that receive and send ACH transactions to assure that appropriate paperwork is in place to support each conversion without delay. “LT has invested in developing knowledge of the business behind ACH as well as the technology service itself,” notes Mike Isaacs, LT President and CFO. “Due to our knowledge of and commitment to the correspondent industry, we have experienced staff who understand ACH rules, file formats, and settlement processes specific to correspondent financial institutions, so we can better assist these corporates in seamlessly transitioning their ACH service from US Central.”
To further define the rapid deployment strategy, LT’s highly efficient and customized implementation strategy allows multiple system implementations to be completed simultaneously, with various LT experts handling assigned critical rollout tasks in a multi-threaded project approach. The fastest rollout accomplished so far was completed in just 29 Calendar days from the initial kick-off meeting to the system going live.
The project scope is also expanding to include implementation of international services, another service that requires a successor solution. Additional ACH and international services implementations will commence in the coming weeks as more Corporate CUs finalize agreements with LT, and move forward with their US Central transition strategies well ahead of NCUA deadlines.
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.