TIB licenses LendingTools private correspondent suite

Source: LendingTools.com

LendingTools.com, a leading application service provider (ASP) for correspondent institutions serving community banks, announced today that TIB has contracted to use its Private Correspondent Suite for financial transactions and cash management services.

TIB is the largest bankers' bank and one of the largest correspondent service providers in the nation. TIB serves over 1,300 banks across 46 states plus Guam and Bermuda. The Private Correspondent Suite, rebranded by TIB as TIBlink, represents the next evolution in TIB's ability to conduct business with their bank customers, enabling them to conduct all correspondent based transactions and reporting on a single-sign on internet based platform.

"TIB is staffed with seasoned bankers who truly care about our customers' bottom line," stated Michael O'Rourke, President and CEO of TIB. "Because of that bottom line focus, when we decided to enhance and expand our service offerings we looked not only for advanced functionality but also the ability to deliver the services at a very low cost. LendingTools.com quickly became the obvious choice to fill our needs."

The service set includes two broad categories -- Correspondent Services used between the correspondent institution and their community financial institution respondents and Business Services extended by the respondents to their business customers. The Correspondent Services include nearly thirty transaction types for cash management including ACH, domestic and international wires, Federal Funds Management and many Fed pass-through transactions. The Business Services for respondent business customers include ACH origination and management, domestic and international wire transfer, account options, remote deposit capture, and multi-factor authentication.

TIB is replacing an in-house developed system that has supported their growth over the past five years. Using a tiered branding approach, TIB will offer LendingTools.com's Private Correspondent Suite of services as TIBlink. TIB respondents will be able to use their own branding on services extended to their business customers.

"TIB is a very well run, growing company and we couldn't be more pleased than to have their demonstrated trust in LendingTools.com to assist them in delivering services to their respondents," remarked Eric Goering, President and CEO of LendingTools.com. "Cost conscious providers like TIB can find substantial efficiencies and savings for their respondents by being a single source for services. The Private Correspondent Suite provides a private labeled platform for all correspondent banks to privatize their service offerings and be a single source provider."

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