Passageways Races past the 100 Portal Customers Mark
West Lafayette, IN. June 11th, 2007 - Passageways, the leading provider of Portal Solutions for financial institutions, today announced that Eli Lilly Federal Credit Union, IN based with $748M in asset size , became their 100th customer earlier this month. Celebrating this significant milestone, Passageways also announced today that they will start offering a "hosted version" of their portal solution targeted towards the smaller financial institutions this summer.
Passageways, the first company to offer a robust Portal solution developed exclusively for the financial services industry reaches this important milestone just 4 years after its' inception. "The vision we had for our Portal solution has been validated with over 100 organizations now communicating, collaborating and automating their workflow processes with our Portal Solutions" explains Gail Koehler, President/COO Passageways. "We started with just one product, our Corporate Portal, and have grown our offerings to include multiple Portal Solutions, numerous modules and applications, a very busy professional services department and now, our "hosted Portal Solution". We have truly created a full service solutions offering for our clients and the market has responded well".
Paroon Chadha, Co-Founder and Vice President of Passageways credits Passageways customers for most of their success stating "Of course, we wouldn't be this far without the help of our older customers, who were the early adopters of Portal technology, and helped drive the evolution of our Portal Solutions." Paroon goes on to say that "As financial institutions continue to struggle with an enormous amount of content, information and processes, Portals are quickly becoming mainstream in the operations of financial institutions."
Financial Institutions must agree. When asked why Eli Lilly FCU chose Passageways, Susan Rohr,
Eli Lilly's CIO, had the following explanation - "Passageways' portal solution was an obvious choice for our Credit Union. By adopting a centralized location for all our company information, we realize more efficient ways to collaborate and share data. The Passageways framework allows for endless possibilities in terms of developing tools to facilitate responsive member service and streamline our business processes".
Even more proof that financial institutions of all sizes are embracing the concept of Portals is in Passageways customer base, which when broken out by asset size, is almost evenly spread across the spectrum.
27% are between $250M and $500M, 26% are in the $100M to $250M asset range, 20% are $500M to $750M, and finally, 17% are more than 1B.
At press time, Passageways total customer count had already reached 104, with the signing of a total of 5 new customers during the past week, including:
- Eli Lilly FCU (Indianapolis, IN), $748M
- Santa Clara County FCU (San Jose, CA), $416M
- Xerox FCU, El Segundo, CA, $786M
- Ocala National Bank, Ocala, FL, $350M
- Power Financial CU (Pembroke Pine, FL),$382M
The Passageways management team is even more excited about the future and the company is working toward its next milestone. According to Christopher Beltran, the other co-founder of the company and Vice President of Development, "We intend to build on this success by rededicating ourselves to our company mission 'innovate, connect, grow'. Educating financial institutions on the benefits of Portal technology will continue to be our greatest challenge, but as they understand what a Portal can do for their operations, we are confident that they will continue to look to Passageways for their solution."
About Passageways
Founded in 2003, Passageways is the leading provider of Portal Solutions to the financial services industry. Our award-winning Portal Solutions were developed exclusively to meet the unique operational needs and functions of financial institutions. The Passageways Portal Solution provides financial institutions with the ability to organize, manage and deliver role-based views and access to enterprise information; content, applications, workflow processes, and more. The result. increased collaboration, efficiency, and profitability!
About Eli Lilly Federal Credit Union
Eli Lilly Federal Credit Union was officially formed in 1930 to better service the members of their company savings association and employees of Eli Lilly and Company. Today, Eli Lilly FCU is a full-service financial institution offering a wide range of products to its' 24,000 members from multiple locations.
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