LendingTools.com (LT) provides transaction and settlement services for 75% of U.S. correspondent banks (financial institutions that lend money to other banks). The firm is the largest third-party provider of inter-bank transaction, reporting and settlement services outside the Federal Reserve.
LT’s Software as a Service (SaaS) platform is branded and customized to meet the needs of each correspondent institution. Correspondents and their client banks login to transfer funds to each other electronically and perform related banking services. Hundreds of banks use the LT service daily, transferring files that represent billions of dollars in
inter-bank transactions, as well as reports about those transactions.