LendingTools and Viewpointe LLC have teamed up to provide a new settlement option for corporate credit unions.
By pairing LendingTools' payments technology with Viewpointe's aggregate net settlement resources, the product will provide corporate credit unions and their service providers an alternative to the legacy direct settlement options.
The new settlement option has been designed to streamline the process and should be ready for testing in the first quarter of 2012, LendingTools said in a press release Thursday.
LendingTools, of Wichita, Kan., specializes in the design and integration of Web-based applications for correspondent financial institutions and their customers. Viewpointe, based in New York, provides multibank infrastructure and offers archive capabilities, end-to-end check image clearing and settlement and automated clearing house services.