WICHITA, KS--(Marketwire - April 26, 2010) - UMB Bank and LendingTools.com, a premier application service provider (ASP) for correspondent institutions, jointly announce UMB's license of LendingTools.com's front-end solution. UMB currently provides services to nearly 1,000 financial institutions in the Midwest.
"LT's ExtraNet FP Correspondent Services Portal allows us to expand our footprint and enhance our existing relationships quickly and more easily," said Bruce Parker, UMB Vice President - Product Development. "This centralized and intuitive user interface, UMB TEC (Transaction Exchange Center), provides a wonderful enhancement to our present Web Exchange portal, adding critical functionality and integrating into our back office. With security and managing the risk of financial transactions as top priorities, UMB and LT have collaborated to provide a model unique in the industry."
The company will utilize UMB TEC and Web Exchange for access by their respondents to all Cash Management and Investment Services -- including ACH, Image Cash Letter, Domestic and International Wires, Account Management, Fed Funds administration and Federal Reserve pass through components. The Risk Management Tools supported by the ExtraNet FP Correspondent Services Portal as well as UMB's in-house ACH system provide multiple layers of Risk Management unique for customers and critical to the financial industry.
With 10 years of experience focused on this market segment and an exceptionally mature and agile product line, LT has continued to be the top service provider to correspondent banks. "Not only are we proud to provide this strategic service set to such a prominent and well-respected financial institution as UMB, we are enthusiastic about the potential in the marketplace that this partnership will provide," said Mike Isaacs, president and CFO of LendingTools.com.
About LendingTools.com
Headquartered in Wichita, KS, LendingTools.com specializes in the design, delivery and integration of web-based applications for correspondent financial institutions and their respective customer base. Over 25,000 users from more than 3,000 financial institutions utilize LT services on a daily basis. A privately-held corporation, LendingTools.com was founded by and is operated by bankers. Please visit www.LendingTools.com for more information.
About UMB
UMB Financial Corporation is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 135 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBFinancial.
Contact Information:
Contact:
Tracy Hearson
Marketing Coordinator
LendingTools.com
316.267.3200 x 105