WICHITA, KS--(Marketwire - May 29, 2012) - As the leading technology provider to correspondent financial institutions, LT has over eleven years of experience serving correspondent and community banks but until recently, had limited penetration in the corporate credit union space. That is, until the NCUA announced the wind-down of US Central.
The corporate credit unions who utilized the payment service provided through US Central, particularly the APEX ACH platform, needed to convert to another platform in an aggressive time frame.
LT helped a number of corporate credit unions to convert to LT's Correspondent Gateway ACH platform in record time, with tremendous customer satisfaction. This has been accomplished by utilizing a highly efficient implementation strategy that focuses on each corporate credit union's timelines and solution needs while minimizing the stress associated with a system conversion.
"Working with the LT Team in a dedicated and organized manner has resulted in a smooth transition for our member credit unions to LT's ACH system (branded KYnect by Kentucky Corporate)," said Marsha Hahn, VP of Operations and Conversion Project Manager, with Kentucky Corporate FCU. "Our 'go live' day was amazing. I had very few calls on that day or even the day after. All files were received, posted and processed with ease. I attribute this success to several things: our upfront preparation, our GREAT Credit Union Members and LT. Their conversion team is top notch!"
Kentucky's member credit unions have been pleased as well. "I have had several credit unions tell me this was the smoothest conversion they had ever experienced," said Hahn. "LT provides a very user friendly ACH system. My credit union members say it is much more easily navigated than any other ACH system they have seen. It is easier to convert to a system everyone loves and we have this advantage with the LT solution."
Jon Budd, SVP with LT, explains, "A common misconception about technology vendors is that we simply provide technological solutions. Really it's about people. We do our best to minimize and manage the change but without customers like Marsha (Kentucky FCU) 'easy conversions' are certainly more difficult to achieve."
In addition to utilizing LT's ACH solution, Kentucky Corporate FCU will have the opportunity to expand services by leveraging the extensive payment, reporting and risk management tools offered within LT's Correspondent Gateway.
Headquartered in Wichita, KS, LT is the largest third-party provider of inter-bank transaction and reporting systems outside the Federal Reserve serving thousands of institutions nationwide. LT demonstrates strength, vision and reliability in serving correspondent financial institutions and their respective user bases. A privately held corporation, LT was founded by and is operated by bankers. 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.