IBT selects the LendingTools.com Correspondent Gateway
Wichita, KS, August 2, 2011 - LT, the leading third-party service provider to correspondent financial institutions announced today that IBT is deploying LT’s Correspondent Gateway to provide new transaction clearing, reporting and settlement service to its growing base of credit unions and community banks.
This innovative partnership enables IBT to offer their own branded web-portal for services that have historically been delivered through a corporate credit union, correspondent bank or the Federal Reserve. In addition to IBT’s complete line of core banking products and service bureau processing, LT’s Correspondent Gateway will be implemented to offer ACH origination and receipt, domestic and international wires and cash vault services with settlement through partner settlement banks.
The LT-IBT partnership will also provide an option for low cost ACH origination services to the community institutions’ end business customer that will flow seamlessly through IBT’s clearing and settlement process.
“LT’s unique technology supports our innovative product strategy to satisfy a critical need to deliver comprehensive and cost-effective processing solutions for our rapidly growing customer base,” stated Mike Golebiowski, President, IBT.
“This processor partnership is a new chapter in the growth of LT’s market niche, which has traditionally served only financial institutions. This configuration of our services required some out of the box thinking, but that’s what experienced companies can do, quickly meet the needs of an evolving industry footprint,” said Jon Budd, SVP, LT.
Headquartered in Wichita, KS, LT is the largest third-party provider of inter-bank transaction, reporting and settlement systems outside the Federal Reserve. With over 3,000 end-user financial institutions, LT demonstrates strength, vision and reliability in serving correspondent financial institutions and their respective user bases. A privately-held corporation, LT was founded by and is operated by bankers. Please visit www.LendingTools.com for more information.
Cedar Park, Texas-based IBT continues to focus on process innovation and customer experience through innovations in technology across the entire suite of products. IBT specializes in real time channel integration software applications and real time interactive alerts with its unique design making all information available simultaneously across all delivery channels. All applications including i2Core (Core Processing), i2Teller (Image Teller product) i2RDC (Remote Deposit Capture) are available for on premise and ASP environments for any size financial institutions across the country with 24/7 support services. IBT’s robust design dramatically improves service and enhances the customer experience while significantly reducing the cost of ownership.
For more information, visit www.IBT.net