ATLANTA--(BUSINESS WIRE)--Logicpath, a leading provider of software and analytics for financial institutions and retailers, announced today that it structured new relationship with the Kentucky Bankers Association to provide its member banks with vault cash management and retail sweep expertise.
Kentucky Bankers Association (KBA) is an established organization that provides advocacy, education, compliance, legal and legislative services to its members. The association serves as a resource for bankers across the region and a collective voice to enact industry action. In addition to these services, KBA creates partnerships with trusted industry vendors, which have been successfully employed and recommended by association members.
Through this partnership, logicpath assists Kentucky Bankers Association members with services such as Deposit Reclassification and C3 Financial. C3 Financial is a SaaS solution that manages branch, ATM, device and vault cash. Deposit Reclassification, also known as a retail sweep program, is a Federal Reserve Board acknowledged practice that reduces reserve requirement through classifying an institution’s checking accounts as savings, which are not subject to reserve requirements.
“Logicpath is excited to be partnering with Kentucky Bankers Association. We look forward to assisting their member bankers with industry challenges that our services can solve,” said Douglas Ceto, president and CEO of logicpath.
A number of members of Kentucky Bankers Association already use one or more of logicpath solutions. One mutual member/client bank is First United Bank & Trust Company of Madisonville, Ky., which implemented Deposit Reclassification at the end of last year. Logicpath’s Deposit Reclassification solution reclassifies its transaction deposits to eliminate the bank’s reserve balances which was earning minimal interest at the Federal Reserve Bank. First United Bank & Trust Company was able to reclaim over $2 million dollars through Deposit Reclassification within 60 days.
“The timing was right for us to implement Deposit Reclassification. We had acquired another bank, causing our Fed balance to significantly increase. With our plans to branch into new markets, our deposits and loan demand will continue to grow. We wanted to quickly recover our $2 million at the St. Louis Fed with Deposit Reclassification, and invest those assets into our loan portfolio,” said Racheal Pruitt, senior vice president/CFO.
“KBA is pleased to have logicpath as an endorsed company. Logicpath creates a new and permanent stream of revenue for our members. They are highly recommended by members who are currently using their solutions,” said Selina O. Parrish, director of membership, products & services of Kentucky Bankers Association.
About Kentucky Bankers Association
One voice, unifying the banking industry
The KBA is a nonprofit trade association that has been providing legislative, legal, compliance and educational services to its member institutions since 1891. KBA's directors and staff work together with its members to make the financial services industry a more effective and successful place to work. The strength of the KBA is bankers unifying as an industry to speak as one voice.
The purpose of the Kentucky Bankers Association is to provide effective advocacy for the financial services industry both in Kentucky and on a national level; to serve as a reliable and responsive source of information and education about areas of interest to the industry; and to provide a catalyst and forum for collective industry action.
The Kentucky Bankers Association does this in four ways:
1. Government relations and industry advocacy
2. Information interchange
4. Products and services
For more information, visit www.kybanks.com.
Atlanta, Ga.-based logicpath provides software solutions and analytics to financial institutions and retail organizations. The firm has earned the trust of over 2,000+ clients in the United States and Canada. Logicpath is the designer of C3 Financial, a SaaS cash forecasting and management software. Deposit Reclassification, logicpath's Regulation D retail sweep program, is designed to eliminate reserve balances. PALMs is a SaaS asset/liability management simulation software, offered by logicpath, which provides accurate and detailed analysis asset-by-asset and liability-by-liability. Logicpath's solutions improve earnings, efficiency, risk management, and operations. For more information about logicpath’s solutions, call 1.877.495.0687 or visit their website www.logicpath.com.