LendingTools.com News
LendingTools.com OnWe Network Tops 20 Million Items Per Month
LendingTools.com's OnWe Network, designed for community financial institutions, provides a low cost option for check image exchange through a series of correspondent banks known as OnWe Network Community Hosts. The OnWe Network represents "the last mile for image exchange" for nationwide banks to reach what traditionally were their most expensive endpoints. The network provides connectivity among community banks and aggregates check volume for image exchange with top tier banks. The OnWe Network also provides an array of image services for correspondent banks to offer respondent institutions and their customers.
The OnWe Network announced live exchanges between 2 institutions in February, 2007. Since then the growth rate of the network has continued to build. Today an average of 6 banks is being added each week. LendingTools.com estimates the weekly average will build to over 20 new member banks by the end of 2008. The network's monthly volume in February was over 20 million items. With committed business that is not yet in production, average monthly volume is expected to multiply before year end.
"We watched the introduction of other exchange services since Check 21 took affect," said
The membership of OnWe Network banks includes banks that are not imaged enabled. These banks use OnWe Network to image capture post-proof outbound cash letters and to receive and print inbound image cash letters as IRD's. Now, every bank in the nation has the ability to participate in image exchange and reap cost saving benefits regardless of their image enablement status.
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 two 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 and http://www.LendingTools.com for more information.
SOURCE LendingTools.com
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