SOURCE: LendingTools.com

September 16, 2008 08:02 ET

Bankers' Bank of the West Joins LendingTools.com OnWe Network

Bankers' Bank of the West Positions Community Banks to Aggressively Compete

WICHITA, KS--(Marketwire - September 16, 2008) - LendingTools.com, a leading application service provider (ASP) for correspondent institutions serving community financial institutions, announced today at the New Visions in Correspondent Banking conference that Bankers' Bank of the West licensed the rights to become a Community Host for the OnWe Network®.

The deal provides Bankers' Bank of the West the ability to private label and extend key LendingTools.com check services to their respondent banks via the Internet. The service deliverables include Cash Letter Deposit, Inbound Cash Letter Delivery, Central Item Reporting, Research and Archive, Returns and Adjustments, OnWe Network usage for image receiving, and Network Interconnection. Banker's Bank of the West services over 350 customers across eleven western states.

"These OnWe Network services position Bankers' Bank of the West to further assist our respondents by providing them technology tools to better compete with other financial institutions and non-banking organizations," commented Bill Mitchell, president of Bankers' Bank of the West.

The OnWe Network services are integrated with the bank's popular Bankers Internet Data System (BIDS). BIDS affords unmatched security, gives customers quick and timely access to information and provides direct access reconciliation of accounts. Furthermore, BIDS allows customer banks access to Federal Reserve services without a FedLine connection.

"Bankers' Bank of the West exemplifies the benefits in 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 delivered with the customer care of Bankers' Bank of the West. 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 designed to help their community banks use technology to extend their reach for customers."

The OnWe Network is a solution for providing an array of 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 of the West.

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 28 percent of the nation's banks utilize one or more LendingTools.com services daily to originate and process ACH, wire, and imaged check transactions valued in excess of two billion dollars. Among others, OnWe, onwe, On-We and on-we are registered trademarks of LendingTools.com. "The last mile for image exchange" is a registered service mark of LendingTools.com. The company hosts the annual New Visions in Correspondent Banking networking conference for correspondent service provider professionals. A privately-held corporation, LendingTools.com was founded by and is now operated by former bankers. Please visit www.LendingTools.com and www.OnWe.com for more information.

About Bankers' Bank of the West

Bankers' Bank of the West was formed in 1980 to offer correspondent services to community banks, eliminating the disadvantage of having to rely on a correspondent that is also a competitor. In 26 years of service, BBW has developed a reputation as a premier correspondent bank focusing on the success of community banks and financial institutions in the Rocky Mountain and western states region. BBW is owned by over 150 of its customers -- all community banks. BBW has over 350 customer relationships with banks in Arizona, Colorado, Idaho, Iowa, Montana, Nebraska, Nevada, New Mexico, South Dakota, Utah and Wyoming.

All products or company names mentioned are used for identification purposes only and may be trademarks of their respective owners.

Contact Information

  • CONTACTS:
    Larry Best
    Chief Marketing Officer
    LendingTools.com
    316.239.3404
    Email Contact

    Jim Williams
    Senior Vice President and Cashier
    Bankers' Bank of the West
    (303) 291-3700 Ext. 219
    Email Contact