Transaction processor Lending Tools on Monday told CreditUnion Times in an exclusive interview that it had signed a“significant” number of corporate credit unions to “bindingagreements.”
|“There is a pilgrimage of corporates coming our way because theysee that with our platform, smaller corporates can find their wayto survival,” said the Wichita, Kan.-based company's CEO, EricGoering.
|Goering declined to comment on whether or not Lending Tools –which has been identified by sources as a bidder for U.S. Central,although neither it nor NCUA confirmed that – had lost in thebiddingprocess.
|The other bidder– again unconfirmed by the NCUA or the company – was said to beFiserv Inc.
|Goering also declined to put a specific number on how manycorporates had signed with Lending Tools.
|“What we do is payments, this is what we are good at,” addedGoering, by way of explaining why Lending Tools appears to haveenjoyed a significant bulge of new business. “We are giving whatamounts to a new lease on life to regional corporates.”
|Earlier, an attempt by a group of corporate credit unions to form a newcorporate to take over U.S. Central's payments business failed,apparently due to inability to raise sufficient capital.
|NCUA also announced it was opening the bidding for U.S. Central,or perhaps portions thereof, to non-credit union entities,apparently due to a non-response from credit unions.
|The NCUA on Monday declined to comment on well-sourced rumorsthat Brookfield, Wis., based Fiserv had emerged as the winningbidder for U.S. Central.
|Fiserv, too, had not responded to a request for comment.
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