— New Services to Be Extended to Hundreds of Community Banks —
WICHITA, Kan., – LendingTools.com, a leading application service provider (ASP) for correspondent bank processors and community financial institutions, announced today that Commerce Bank has licensed LendingTools.com’s ExtraNet FP-S service which is used to manage account balances, invest in fed funds, originate and receive wire transfers, originate and receive ACH, and supply account reporting. The service also sends a variety of Federal Reserve notifications such as savings bond orders, and coin and currency orders and is an alternative to the FedLine system. Commerce Bank plans to use ExtraNet FP-S to provide these services to its community bank customers.
“ExtraNet FP-S supports primary correspondent functions and has enabled LendingTools.com to create the only private market correspondent electronic banking platform in the United States outside of the Federal Reserve,” said Eric Goering, president and chief executive officer of LendingTools.com. “Commerce Bank will have a trusted, secure environment to conduct electronic business with their Community Bank clients. Their service encompasses security protection using multiple factor authentication including biometric security technology.”
“Commerce recognizes the importance of technology and continues to invest in services that will strengthen our correspondent client relationships,” commented Mike Beck, Senior Vice President of Commerce Bank. “Commerce works closely with its correspondent clients to identify trends and service improvement requirements that can be met by combining our technology, expertise, and financial strength.”
Founded in 1865, Commerce Bank operates as a super-community bank offering an array of sophisticated financial products for individuals, businesses, and investors and delivers them with high quality, personal customer service.
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 On-We Network provides a low cost option for community bank image exchange through a series of On-We Network Community Hosts. Over 2,000 financial institutions 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. LendingTools.com, Inc. is a privately-held Kansas corporation, and was founded by and is operated by bankers. LendingTools.com maintains two offices and data centers in Kansas and an office in Dallas, Texas. Please visit http://www.LendingTools.com for more information .
About Commerce Bank
Commerce Bank is the principal subsidiary of Commerce Bancshares, Inc. (Nasdaq: CBSH – News), a $15.2 billion regional bank holding company. For more than 140 years, Commerce has been meeting the financial services needs of individuals and businesses. Commerce provides a diversified line of financial services, including business and personal banking, wealth management and estate planning and investments through its affiliated companies. Commerce currently operates in approximately 360 locations throughout the Midwest, primarily in Missouri, Illinois and Kansas. Commerce also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate activities.
For additional information, please visit http://www.commercebank.com or email firstname.lastname@example.org .