The $674 million Bay Federal Credit Union in Capitola, Calif., has agreed to sell a document management solution it created in house to Thuridion of Scotts Valley, Calif.
That company plans to rename it from L1te to Contessa and market the member service solution that Bay Federal said has saved it “seven figures” in software and maintenance costs in the 10 years since it was developed.
The intranet-based solution allows staff in the front and back offices to instantly access any document in a member’s file instantly, including system-generated letters and forms and letters sent in by members, the company and credit union said.
“We have had many requests from other credit unions over the years to use our L1te software, but we’re just not set up to provide support,” said Bay Federal President/CEO Carrie Birkhofer. “Thuridion has provided us with first-class software development on a contract basis, so we are really happy they have agreed to purchase, market and support the product, and provide future enhancements.”
Patrick Hendry, CEO of Thuridion, a Web application developing and consulting firm, said, “We are looking forward to creating a commercial product out of L1te which will save credit unions money while helping them to provide superior service to their members.”