The Credit Union League of Connecticut has launched an online platform with one of its subsidiaries to help credit unions participate in loans with other lenders at affordable prices.

The software, known as Aluvy, was launched with the subsidiary League Services Corp., the Credit Union League of Connecticut said in a statement. Aluvy was designed to help more credit unions access the benefits of the loan participation marketplace, the statement said, noting that these benefits have typically been available to larger lenders.

Through the automation of one-to-many participations and payment servicing, the statement said, Aluvy helps smaller credit unions access loan participation at an appropriate size. The platform will also help larger or more experienced lenders that are selling participations because they will have “a greater volume of buyers with more diverse purchasing appetites,” the statement said.

“The development of Aluvy is a game-changer for credit union sustainability,” Bruce Adams, president and CEO of the Credit Union League of Connecticut, said in the statement. “Aluvy delivers efficiencies to sellers and creates tremendous buying opportunities for credit unions experiences and new participations.”

Aluvy uses technology from Virtual StrongBox to provide secure digital storage, participation marketplace, automated payment processing, and tools to help credit unions manage their sold and purchased pools, the statement said.