Lending Tools in Wichita, Kan., announced Tuesday it had inked a deal to provide correspondent services to Kentucky Corporate Credit Union in Louisville, Ky.
The statement indicated that Lending Tools will provide a full replacement and enhancement to Kentucky Corporate's APEX ACH functionality with the addition of international wire transfer services.
Kentucky Corporate will also take advantage of Lending Tools' direct connection to the Fed allowing automated ACH file delivery of inbound and outbound files.
“We were looking for a business partner with integrated technology, proven experience and the dedication to help us transition our members with little interruption to their day-to-day operations,“ said Jim Thompson, CEO of KentuckyCorporate, in a prepared statement. “We feel LT's technology will not only help us meet this goal but will also provide us with the best opportunity to expand services for our members with an emphasis on being cost sensitive.”
Lending Tools earlier had told Credit Union Times it was seeing a “pilgrimage” of corporates coming to it in the wake of the collapse of efforts to sell off portions of failed corporate U.S. Central Bridge.
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