The Equipment Leasing and Finance Association has announced that Odessa Technologies’ implementation of LeaseWave End-of-Lease Management system at TCF Equipment Finance, an indirect subsidiary of TCF Financial Corporation, has won the Operations & Technology Excellence (O&TE) Award for 2013. This marks the third time in the last four years that an Odessa implementation has won this award, having previously received it in 2010 and 2011.

The objective of the project was to leverage latest technologies to consolidate all end-of-lease operations into an integrated workflow-based system to enable efficiency, scalability and management controls on a single repository of data. The system addresses specialized challenges including end-of-term processing, complex contract modification management, late stage collections, comprehensive legal workouts-management, repossessions and remarketing.

The LeaseWave End-of-Lease system was specifically designed to plug directly into legacy lease management systems, without disrupting core business processing. This allows large lessors to enjoy the benefits of new functionality that does not exist in the market today through low-risk and rapid system deployment.

“We are excited to bring a completely unique and much needed offering to the market. While lease management software packages typically include end-of-term management functionality, there really wasn’t a specialized system that managed all the details of this portion of the contract and asset life cycle,” said Kate Majewski, SVP Program Management, Odessa Technologies. “This project was a fairly significant undertaking for us, requiring more than 45,000 hours to complete. We are truly honored to be rewarded for this effort and the innovation that it represents.”