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Arkansas Bankers' Bank Latest LendingTools.com OnWe Network Community Host
Aug 06, 2007 (08:08 AM EDT)
WICHITA, Kan., Aug. 6 /PRNewswire/ -- LendingTools.com, a leading application service provider (ASP) for correspondent and community financial institutions, announced today that Arkansas Bankers' Bank has licensed the rights to become a Community Host for the OnWe Network(R) created by LendingTools.com.
"Arkansas Bankers' Bank has become an OnWe Network Community Host as part of our efforts to continually increase efficiency and lower operating costs for our respondents," said James N. Thomason, president and CEO of Arkansas Bankers' Bank. "In a broader perspective, the Bank now offers a private correspondent banking alternative for our respondents. They now have the cost saving opportunity to completely replace their FedLine Advantage connection with lower cost Arkansas Bankers' Bank services."
Arkansas Bankers' Bank has seen the majority of their 150 respondents adopt image technology over the past year to enhance their customer service and lower their operating costs. Becoming a Community Host for the OnWe Network will now allow the flexibility for each of its respondents to choose the clearing route best suited to their needs.
The OnWe Network differs from national image exchange models by enabling a local approach to meeting the exchange needs of community banks. A bank's "on us" payments are the least expensive payments to settle because both the payer and the payee are customers of the same bank. With the OnWe Network, a bank can use a similar process with trading partners to save on expenses by conducting the entire clearing and settlement process within the group of banks served by the Community Host.
"Arkansas Bankers' Bank is a prime example of the 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. 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 specifically designed to reach thousands of community financial institutions through correspondent institutions. For the national banks needing to reach these community banks, the OnWe Network is the last mile for image exchange."
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 25 per cent of the nations' banks utilize one or more LendingTools.com services daily to originate and process ACH, wire, and imaged check transactions valued in excess of one billion dollars. The last mile for image exchange is a registered service mark of LendingTools.com. A privately-held corporation, LendingTools.com was founded by and is operated by bankers. Please visit http://www.OnWe.com http://www.LendingTools.com and for more information.
About Arkansas Bankers' Bank
Arkansas Bankers' Bank, chartered on April 17, 1990, currently serves approximately 150 Arkansas Community Banks by offering Cash Letter Services, Investments, Portfolio Accounting, Safekeeping, Loan Participations, Fed Fund Purchases and Sales plus many other services. Since 1990, ABB has been able to extend correspondent services while lowering overall costs to the Community Banks. Please visit http://www.arbankersbank.com for more information.
CONTACT: Larry Best, Chief Marketing Officer of LendingTools.com, Inc., firstname.lastname@example.org+1-316-239-3404, ; or James N. Thomason, President &CEO of Arkansas Bankers' Bank, 1-800-737-0535,
Web site: http://www.lendingtools.com/ http://www.arbankersbank.com/