WICHITA, KS--(Marketwire - February 14, 2011) - Kansas Corporate Credit Union (KCCU) signed a letter of intent to implement the LendingTools.com (LT) Private Correspondent Suite to serve its member credit unions in Kansas, Nebraska, Oklahoma and other states throughout the Midwest. With LT technology, KCCU will be able to provide a custom single sign-on portal to all of their key operational correspondent services currently offered as well as several new and integrated services previously not available in a unified single sign-on platform.
"Management was directed by our Board to find viable alternatives to existing services in order to ensure our members continue to receive our financial products and services in a cooperative fashion," said Larry Eisenhauer, President/CEO of KCCU. "Over the past couple of years, we've met with multiple vendors and kept coming back to LT. We feel they are the only technology vendor that understands our role as a corporate credit union, is best suited to meet our unique needs, and will help us achieve our stated business model and plans. Of equal importance, this relationship will also allow KCCU to implement the most advanced security in the marketplace -- biometric multi-factor authentication -- to ensure the safety of our member's transactions and will allow KCCU to move forward and be more self-reliant in the delivery of products and services," said Eisenhauer.
"Our relationship with KCCU is a valuable opportunity for LT to extend its service offerings to the credit union industry," said Eric Goering, CEO, LendingTools.com. "Correspondent services are highly specialized. This new relationship with KCCU allows us to leverage our correspondent expertise gained through over a decade of serving correspondent banking organizations to meet the developing needs of credit unions." LT's services currently power the operations of the majority of Bankers' Banks along with a number of commercial correspondent banks throughout the U.S. "We look forward to working with the credit union industry and consider our future relationship with KCCU to be a very valuable partnership and a significant strategic opportunity," said Goering.
Following the completion of the necessary due diligence and execution of the services agreement, the partnership will be finalized and the customized deployment will commence. Product delivery is expected to be available to KCCU members within 120 days of contract execution; the latter half of 2011.
About Lending Tools.com (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 20,000 users from more than 3,000 financial institutions utilize LT services daily. LT is SAS 70 Type II Certified and is regulated by the FFIEC as a Transaction Service Provider. LendingTools.com is a privately held, Kansas corporation. Please visit www.lendingtools.com for more information.
About Kansas Corporate Credit Union (KCCU): Kansas Corporate Credit Union, chartered in 1951 in Wichita, KS, is a cooperative wholesale financial institution providing investment, liquidity, correspondent and technology solutions to over 140 credit unions and credit union service organizations in the Midwest. KCCU is regulated by the Kansas Department of Credit Unions (KDCU) and the National Credit Union Administration (NCUA). Please visit us at www.kansascorporate.org.
Contact Information:
CONTACT:
LT:
Tracy Hearson
Marketing Coordinator
LendingTools.com
316.267.3200 x 105