TCF Equipment Finance, Inc. (“TCFEF”), an indirect subsidiary of TCF Financial Corporation (“TCF”) has selected Odessa Technologies, Inc. ("Odessa"), to develop a custom solution to automate end-of-lease administration and remarketing processes.
“We are excited to work with Odessa in automating and enhancing our end-of-lease management activities including repossessions, end-of-term activities, workouts and remarketing," says Robert Stark, Senior Vice President of TCFEF. “Over the years, we have created many standalone databases to manage these processes. The ability to fully automate and integrate the end-of-lease process will provide many benefits including processing efficiencies, adherence to risk management policies, data accuracy and reliability, as well as compliance from an accounting and legal perspective.”
“While it will be a part of the LeaseWave platform, we are designing this solution to be modular and data-source independent so that it can be plugged right into any infrastructure and can work with a multitude of legacy systems," says Kate Majewski, Associate Vice President at Odessa. “We are also leveraging LeaseWave’s existing architecture and services, such as its extensible workflow layer. This will allow TCFEF to manage equipment coming off lease whether it be in the normal course of business or owing to the lessee’s deteriorating financial condition; users can readily configure the system to reflect their specific business processes and requirements.”
About TCF Equipment Finance, Inc.
TCF Equipment Finance, headquartered in Minnetonka, Minnesota, is the 13th largest bank-affiliated equipment finance company in the U.S. in asset size. TCFEF provides financing solutions to companies on a direct basis as well as through programs with vendors and manufacturers in a growing number of select markets such as: Healthcare, Specialty Vehicle, Construction and Manufacturing. TCFEF is widely recognized as one of the premier equipment finance companies in the United States. For more information about TCFEF, please visit www.tcfef.com.
Odessa Technologies is a software company exclusively focused on the leasing industry. The company is headquartered in Philadelphia, Pennsylvania and employs a staff of 250 people. Odessa is a developer of the LeaseWave suite of products, a fully integrated browser-based lease and loan management solution, providing an end-to-end origination and portfolio management system for equipment leasing and finance, vehicle leasing and fleet management companies. The LeaseWave suite is specifically engineered to be configurable to accommodate even the most complex business model, as evidenced by Odessa’s diverse customer base.