July 20, 2005
First Federal Leasing (FFL), owned by First Bank of Richmond, Richmond, IN has selected LeaseWave©, the fully Internet-based lease management solution from Odessa Technologies, Inc. The selection follows an extensive Request For Proposal stage, meticulous research and evaluation of more than five months of various leading systems in the market. The flexibility of a system that was built to be customized along with the cutting-technology that Odessa offers through LeaseWave© became significant factors in FFL's decision.
"First Federal Leasing is excited about converting our lease accounting system to LeaseWave©", says Paul Witte, Vice President / Chief Operating Officer, FFL. "LeaseWave© will give us, as well as our customers, increased efficiency and flexibility to manage individual accounts and portfolios." LeaseWave© will add immediate value to FFL's business model by connecting the company with their business partners, including customers and brokers, online, in a seamless and real-time environment. "We're very happy to have added FFL to our growing customer list", says Madhu Natarajan, CEO Odessa Technologies, Inc. "After having been in business for 15 years, any leasing company would have developed unique qualities that sets them apart from their competitors. LeaseWave©'s design appreciates such uniqueness and caters to it, instead of shoe-horning business processes to fit into a cookie-cutter system." LeaseWave© was designed to be easily customizable to meet specific requirements while concurrently maintaining a robust and functionally rich core.
First Federal Leasing, established in 1989 is a wholly owned subsidiary of First Bank Richmond, N.A. The Bank was founded in 1887 and has assets totaling over $500 Million and a capital ratio just below 10%. Working through a strong and extensive network of brokers, First Federal's has funded over $500 million in leases nationwide. The company focuses primarily on small-ticket leases with relatively secure credit ratings. First Federal is owned by First Bank Richmond, N.A., which began business in 1887, as the Richmond Loan & Saving Association.
Odessa Technologies, Inc. is a software company located in Philadelphia, PA, with a sole focus in building and marketing software solutions to the leasing industries. The LeaseWave© suite is its fully-integrated family of products that cater to various parts of the leasing operations, providing an end-to-end solution that is fully Internet-based. Furthermore, recognizing that each business is unique, the LeaseWave© suite has been engineered, specifically, to be customizable. Designed using cutting-edge technology and sound functional expertise, LeaseWave© can be custom–built to fit around the unique needs of each lessor. While not every client requires customization, the LeaseWave© suite is flexible to cater to even the most complex of business models, as evidenced by its strong customer base. LeaseWave© is the only end–to–end system that is fully Internet–based. Its technology as well as its ability to be customized easily differentiates it from competing products.