LT Signs First Tennessee for Correspondent Gateway
Wichita, KS, - July 26, 2011 – LT, the leading third-party service provider to correspondent financial institutions, announced today that First Tennessee Bank, part of the First Horizon National Corp. (NYSE: FHN) family of companies, has selected LT’s Correspondent Gateway to enhance and expand transaction processing and settlement services for their customer base of over 1000 financial institutions.
LT’s Correspondent Gateway provides a branded web-portal for transaction, reporting and settlement services, facilitating consolidation of all correspondent services with First Tennessee by providing a complete, single sign on solution. This solution goes beyond services available through a traditional connection to the Federal Reserve or through multiple correspondent relationships. This service will be delivered as a Software as a Service over the internet.
“With LT’s solution, we can give our community bank customers better online banking information and services,” said Don Jackson, senior product manager for treasury management services at First Tennessee. “At the same time, our customers get better risk management ability, and we are able to provide a quality product.”
The First Tennessee relationship is an important expansion for LT into the commercial correspondent market segment.
“LT’s Correspondent Gateway is designed to be a highly efficient, flexible and real-time correspondent solution,” said Mike Isaacs, President and CFO of LT. “First Tennessee is a prominent and growing correspondent institution, and we look forward to assisting them as they implement new services for their expanding correspondent base.”