Transaction processor Lending Tools on Monday told Credit Union Times in an exclusive interview that it had signed a “significant” number of corporate credit unions to “binding agreements.”
“There is a pilgrimage of corporates coming our way because they see that with our platform, smaller corporates can find their way to survival,” said the Wichita, Kan.-based company's CEO, Eric Goering. He declined to put a specific number on how many corporates had signed with Lending Tools.
“What we do is payments, this is what we are good at,” added Goering, by way of explaining why Lending Tools appears to have enjoyed a significant bulge of new business. “We are giving what amounts to a new lease on life to regional corporates.”
Earlier, an attempt by a group of corporate credit unions to form a new corporate to take over U.S. Central’s payments business failed, apparently due to inability to raise sufficient capital.
Sources had identified Lending Tools as a bidder for U.S. Central though neither the company nor the NCUA would confirm that bidder, unconfirmed, was said to be Fiserv Inc.
The NCUA opted to wind down U.S. Central’s operations instead
