Bankers’ Bank Northeast looks to enhance client banks’ competitive positions
LendingTools.com, a leading application service provider (ASP) for correspondent and community financial institutions, announced that Bankers’ Bank Northeast licensed the rights to become a Community Host for the OnWe Network® created by LendingTools.com.
“As a Community Host for the OnWe Network in New England and New York, Bankers’ Bank Northeast enables our client banks to present and receive items to and from local banks,” commented Pete Sposito, President and CEO of Bankers’ Bank Northeast. “Our significant cash letter volume growth indicates that banks and check processors have found us to be an efficient and widely accepted means to settle transit items using our bank-to-bank communications software, STARS™. Since the OnWe Network can process check images on STARS, which most of our client banks already use, they do not need to invest in new software. While the existing national image clearing networks concentrate on large bank presentations, OnWe focuses on large volumes from local banks ‘across the street’. OnWe combined with STARS provides a platform to combine the benefits of both check volume sources to enhance availability and to reduce clearing costs.”
"We went after Bankers’ Bank Northeast because of their large presence in the correspondent banking market. They are a trusted partner for community banks.” said Eric Goering, President and CEO of LendingTools.com. "Bankers’ Bank Northeast has a particular expertise in settling cash letters and has already established working relationships with some of the best item processors in the Northeast. The OnWe Network is a perfect solution for community bank image exchange, even for banks not image enabled. For national banks needing to reach these community banks, the OnWe Network is the last mile for image exchange."
The OnWe Network is a solution for providing image services to respondent institutions and their customers. The solution aggregates the image cash letter activity of respondent institutions and provides multiple choices for routing the items, including the OnWe Network, for clearing and settlement of items between customers of Bankers’ Bank Northeast.
About LendingTools.com
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 www.OnWe.com and www.LendingTools.com for more information.
About Bankers’ Bank Northeast
Bankers’ Bank Northeast is based in Glastonbury, Conn., and serves 165 community banks throughout New England and New York. The Bank is a state-chartered institution that is FDIC insured and a member of both the Federal Reserve System and the Federal Home Loan Bank of Boston. Bankers’ Bank Northeast not only meets competitive challenges but is also vigilant about issues in the financial services industry that might help (or hurt) the banks that rely on it to provide the best and latest in products and services.