NAPERVILLE, Ill. — Alloya Corporate Federal Credit Union said its Loan Participation Platform has surpassed $4 billion in loan participation transactions, marking a milestone for the online marketplace launched in 2021 to help credit unions buy and sell loan participations more efficiently.
According to Alloya, the platform was created to expand access to loan participation opportunities across the credit union system by providing a centralized marketplace where buyers and sellers can connect and complete transactions more quickly than through traditional manual processes.
“The success of the platform speaks to the Power of Cooperation and Alloya’s commitment to delivering innovative services that simplify and streamline processes that were once complicated,” Alloya CEO Todd Adams said in a statement. “We are thrilled to see how its rapid growth is serving our members across the nation.”
Andrew Kohl, Alloya’s chief information officer and president of Alloya Solutions, said the platform has replaced what had been a time-intensive manual process with an automated online marketplace.
“This milestone of $4 billion in loan participation transactions on the platform testifies to the value it provides to our credit unions and CUSOs,” Kohl said in the statement.
About the Platform
Alloya said the platform is designed to help credit unions share lending opportunities, strengthen balance sheets and keep value within the cooperative system. In addition to the technology, the corporate credit union said the platform is supported by a team of loan participation specialists who provide guidance and support throughout transactions.
According to Alloya, the platform is intended to reduce processing time by automating transactions while providing greater transparency for participating institutions.
Alloya Corporate said it provides cooperative financial services to more than 1,300 member credit unions and credit union organizations.
