Contact Information: CONTACTS: Larry Best Chief Marketing Officer LendingTools.com 316.239.3404 Jim Williams Senior Vice President and Cashier Bankers' Bank of the West (303) 291-3700 Ext. 219
Bankers' Bank of the West Joins LendingTools.com OnWe Network
Bankers' Bank of the West Positions Community Banks to Aggressively Compete
| Source: LendingTools.com
WICHITA, KS--(Marketwire - September 16, 2008) - LendingTools.com, a leading application service
provider (ASP) for correspondent institutions serving community financial
institutions, announced today at the New Visions in Correspondent Banking
conference that Bankers' Bank of the West licensed the rights to become a
Community Host for the OnWe Network®.
The deal provides Bankers' Bank of the West the ability to private label
and extend key LendingTools.com check services to their respondent banks
via the Internet. The service deliverables include Cash Letter Deposit,
Inbound Cash Letter Delivery, Central Item Reporting, Research and Archive,
Returns and Adjustments, OnWe Network usage for image receiving, and
Network Interconnection. Banker's Bank of the West services over 350
customers across eleven western states.
"These OnWe Network services position Bankers' Bank of the West to further
assist our respondents by providing them technology tools to better compete
with other financial institutions and non-banking organizations," commented
Bill Mitchell, president of Bankers' Bank of the West.
The OnWe Network services are integrated with the bank's popular Bankers
Internet Data System (BIDS). BIDS affords unmatched security, gives
customers quick and timely access to information and provides direct access
reconciliation of accounts. Furthermore, BIDS allows customer banks access
to Federal Reserve services without a FedLine connection.
"Bankers' Bank of the West exemplifies the benefits in privatization of
correspondent banking," said Eric Goering, president and CEO of
LendingTools.com. "There are substantial efficiencies and savings to be
found in localized service offerings delivered with the customer care of
Bankers' Bank of the West. LendingTools.com's Private Correspondent Suite
provides a private labeled platform for all correspondent banks to
privatize their service offerings. The OnWe Network component of the Suite
is designed to help their community banks use technology to extend their
reach for customers."
The OnWe Network is a solution for providing an array of image services to
respondent institutions and their customers. The solution aggregates the
image cash letter activity of respondent institutions and provides multiple
choices for routing the items, including the OnWe Network, for clearing and
settlement of items between customers of Bankers' Bank of the West.
About LendingTools.com
LendingTools.com, Inc. specializes in the design and delivery of web-based
applications for the financial services industry and delivers them through
correspondent processing organizations. Its OnWe® Network provides a low cost option
for community bank image exchange through a series of OnWe Network
Community Hosts. Over 28 percent of the nation's banks utilize one or
more LendingTools.com services daily to originate and process ACH, wire, and imaged check transactions valued in excess of two billion dollars.
Among others, OnWe, onwe, On-We and on-we are registered trademarks of
LendingTools.com. "The last mile for image exchange" is a registered
service mark of LendingTools.com. The company hosts the annual New Visions in Correspondent
Banking networking conference for correspondent service provider
professionals. A privately-held corporation, LendingTools.com was founded
by and is now operated by former bankers. Please visit www.LendingTools.com and www.OnWe.com for more information.
About Bankers' Bank of the West
Bankers' Bank of the West was formed in 1980 to offer correspondent
services to community banks, eliminating the disadvantage of having to rely
on a correspondent that is also a competitor. In 26 years of service, BBW
has developed a reputation as a premier correspondent bank focusing on the
success of community banks and financial institutions in the Rocky Mountain
and western states region. BBW is owned by over 150 of its customers -- all
community banks. BBW has over 350 customer relationships with banks in
Arizona, Colorado, Idaho, Iowa, Montana, Nebraska, Nevada, New Mexico,
South Dakota, Utah and Wyoming.
All products or company names mentioned are used for identification
purposes only and may be trademarks of their respective owners.