The Bancorp Bank Selects LeaseWave® From Odessa Technologies, Inc.
Philadelphia, PA August 03, 2011 - The Bancorp Bank (“Bancorp Bank”) has selected LeaseWave® from Odessa Technologies, Inc. (“Odessa”) to automate and administer their front office and back office lease management processes. Bancorp Bank leasing activities are focused on automotive fleet leasing, conducting business in 38 states under the names Jefferson Leasing and Mears Leasing.
“Our current back-end system has reached its end-of-life and we recognized that we needed to make a long-term investment in a replacement”, says Scott Megargee, Executive Vice President/Chief Lending Officer, Bancorp Bank. “LeaseWave® was the only product we found that met our two broad objectives: (1) mature functionality specific to automotive fleet leasing on a consolidated platform and (2) the ability to be easily configurable and customizable to address the unique aspects of our business. LeaseWave® will enable Bancorp Bank to consolidate and administer both front office and back office lease management processes into a one platform and a single database, to more efficiently manage the entire lifecycle of lease contracts and of vehicles.”
“LeaseWave® is architected to be fully configurable, built on a workflow foundation with a business rules engine. This allows the system to meet complex business requirements regardless of the type of leasing company in question.” says Samrina Sattar, Project Manager, Odessa Technologies. “The ability to fully automate the entire lifecycle of lease contracts and concurrently offer vehicle and fleet management related functionality on the same platform will provide tremendous benefits such as improved productivity, adherence to risk management policies, data accuracy and reliability, as well as compliance from an accounting and legal perspective.”
About The Bancorp Bank
The Bancorp Bank is an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity partner programs nationwide. Leasing activities are focused on automotive fleet leasing, under the names Jefferson Leasing and Mears Leasing. Jefferson Leasing began its activities in 1985 as the Leasing Department for Jefferson Bank and provides acquisition, operation, financing and disposal of vehicles. Mears Leasing was founded in 1952. Since that time, Mears Leasing has become a leader in the field of vehicle leasing throughout the State of Florida. Mears offers Municipal Financing and Closed-End Lease Plans tailored to meet the customer’s requirements.