Credit union association launches loan participation platform, Aluvy
Bruce Adams, President and CEO of the Credit Union League of Connecticut.
A group that advocates for the interests of credit unions has announced the launch of Aluvy, an online loan participation platform that gives credit unions better access to share in or sell loans at a more affordable price.
The Credit Union League of Connecticut and its wholly owned subsidiary, League Services Corporation, made the announcement Wednesday.
Aluvy is software designed to help credit unions access the benefits of the loan participation marketplace -- or the selling or sharing of interests in a loan -- typically available to larger lenders.
Aluvy is equipped with secure digital storage, participation marketplace, automated payment processing and tools to help credit unions manage their sold and purchased pools, according to the Credit Union League.
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