WICHITA, KS--(Marketwire - Jan 18, 2012) - LT, the leading third party service provider to correspondent financial institutions announced today that it has entered into an agreement with Kentucky Corporate Federal Credit Union, Louisville, KY to deploy LT's Private Correspondent Gateway for transaction and reporting services for their member credit unions.
The transition to LT's system will include a full replacement and enhancement to all APEX ACH functionality with the addition of International Wire transfer services via a real-time interface to Travelex Global Business Payments®. Kentucky Corporate will also take advantage of LT's direct connection to the Fed allowing automated ACH file delivery of inbound and outbound files. The entire solution will be secured by LT's advanced biometric multi-factor authentication.
Kentucky Corporate sites diligent review and a comfort level with LT's understanding of the market as significant factors in their decision process. "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, President and CEO of Kentucky Corporate. "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."
"We are excited to add Kentucky Corporate to the growing number of Corporate Credit Unions we serve," said Eric Goering, CEO of LT. "Their dedication to providing an enhanced transaction experience for their member credit unions by leveraging LT's unique technology will create a strong business relationship between us. We are looking forward to working with them."
Kentucky Corporate will also provide member CUs with their own branded LT cash management systems to business members (SEGs) through the partnership with LT. This allows member CUs to easily provide their business members with cost-effective ACH services that will seamlessly integrate into Kentucky's Private Correspondent Gateway for processing.
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 on a daily basis. LT is SSAE16 (formerly SAS 70 Type II) Certified and is regulated and examined under FFIEC guidelines as a Technology Service Provider. A privately-held, Kansas Corporation. Please visit www.LendingTools.com for more information.
About Kentucky Corporate Federal Credit Union:
Chartered in 1982, Kentucky Corporate Federal Credit Union is a "credit union for credit unions" that provides investment, liquidity, securities, safekeeping, and correspondence services for its members. Our primary focus is to give our member credit unions service that is second to none. We pride ourselves on providing this service with emerging technologies in a stable, financially sound and secure manner. For more information please visit www.kycorp.org.
About Travelex Global Business Payments
Travelex Global Business Payments is a global foreign exchange specialist providing the payment and receipt of domestic and international funds for businesses of all sizes and processes from over 35,000 businesses to 1 million beneficiaries worldwide.
Travelex Global Business Payments was acquired by Western Union in November 2011.
Travelex is a registered trademark and is used by Travelex Global Business Payments Limited and its group companies under license.