The Credit Union League of Connecticut and its wholly owned subsidiary, League Services Corporation, announced the launch of Aluvy, an online loan participation platform that will give more credit unions better access to loan participations at an affordable price.
Aluvy is a Software as a Service (SaaS) product specifically designed to help more credit unions access the unique benefits of the loan participation marketplace that have typically been available to larger lenders. Through the proprietary automation of one-to-many participations and payment servicing, Aluvy enables smaller credit unions to access right-sized loan participations. Additionally, larger or more experienced sellers will value having a greater volume of buyers with more diverse purchasing appetites.
“The development of Aluvy is a game changer for credit union sustainability,” said Bruce Adams, president/CEO of the Credit Union League of Connecticut. “Aluvy delivers efficiencies to sellers and creates tremendous buying opportunities for credit unions experiences and new to participations.”
In partnership with Virtual StrongBox™, Aluvy is equipped with secure digital storage, participation marketplace, automated payment processing, and tools to help credit unions manage their sold and purchased pools.