News Release-- December 16, 2003
CSC Implements BEA WebLogic Portal for Student Loan Finance Corporation to Automate its Loan Origination and Servicing
Web Portal Allows Students, School Administrators and Lenders to Manage and Track Loan Information, Accelerating SLFC’s Entrance to the Origination Market
SAN JOSE, Calif.—Dec. 16, 2003—BEA Systems, Inc. (Nasdaq: BEAS), the world’s leading application infrastructure software company, today announced that Student Loan Finance Corporation has introduced a new Web-based, self-service application, which is built on BEA WebLogic Portal™, to enhance its core business processes, loan origination and servicing.
Recommended, implemented and project managed by Computer Sciences Corporation (NYSE: CSC), Student Loan Finance Corporation’s new Web portal allows students, school administrators and lenders to manage and track loan information, and will enable Student Loan Finance Corporation (SLFC) to increase the profitability of its core loan-servicing business by replacing manual processes with automated workflows. This investment will serve to reduce overhead and increase capacity, and enable SLFC to grow its new loan-origination business by seamlessly integrating its student-facing origination system with participating lenders rapidly and cost-effectively.
SLFC is a secondary market for student loans, providing liquidity for financial institutions and keeping default rates low for universities. SLFC services more than 450,000 loans with a combined value of more than $1 billion. SLFC has deployed a new Web-based portal that offers personalized, targeted views of information to students, school administrators and lenders. Each portal view shares a unified software infrastructure to simplify application management and integration, and keep operating and development costs low.
“The long-term potential for us in the origination market is unlimited,” said Patti Waterman, chief information officer at Student Loan Finance Corporation. “It’s hard to overstate the importance of CSC’s role in recommending and implementing this portal. Over the past few years, CSC has earned a trusted advisor role with our management team. They embraced our vision to establish a presence in the origination market and have helped us develop a roadmap to grow our business. The BEA WebLogic portal that CSC has implemented opens up the possibility of new revenue streams, a more diversified business, and deeper relationships with lenders and borrowers. And for loan servicing, our BEA-powered portal is increasing the potential loan volume we can handle while significantly lowering our overhead by enabling straight-through processing, which automates and streamlines processes so we can improve the margins on our core business.”
"CSC recommended and implemented BEA WebLogic to SLFC after a comprehensive product evaluation,” said Mark Burgbacher, chief technology officer of CSC’s Consulting Group. “BEA WebLogic was the right choice to meet SLFC's unique business and technical requirements. Additionally, the product’s unified infrastructure will enable SLFC to avoid the deployment of point products from multiple vendors."
The design of BEA WebLogic Portal minimized project risk and reduced the in-house expertise that SLFC needed to manage the solution. BEA also offered unmatched standards support, which maximized business and technical flexibility. The standards-based approach also simplified integration across the enterprise and outside the enterprise with lenders and schools. Perhaps most importantly, SLFC felt that BEA WebLogic would accelerate their time-to-value.
“This strategic project, lead by CSC, will help us break into a new market and eliminate many costly manual processes, and as such, we wanted to see rapid results,” said Waterman of Student Loan Finance Corporation. “Based on conversations with several BEA customers, the extensive feature set of BEA WebLogic Portal and its strict adherence to open standards made us feel confident that building on BEA would give us the best chance to move this project along quickly. That’s exactly what happened, and we expect subsequent projects to move even faster now that the infrastructure is in place. The portal we built on BEA WebLogic is a big win for SLFC.”
About BEA
BEA Systems, Inc. (Nasdaq: BEAS) is the world's leading application infrastructure software company, providing the enterprise software foundation for more than 15,000 customers around the world, including the majority of the Fortune Global 500. BEA and its WebLogic® and Tuxedo® brands are among the most trusted names in business.
Headquartered in San Jose, Calif., BEA has 77 offices in 31 countries and is on the Web at www.bea.com.
About CSC
Founded in 1959, Computer Sciences Corporation is a leading global information technology (IT) services company. CSC's mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With more than 92,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $13.0 billion for the 12 months ended October 3, 2003. For more information, visit the company's Web site at www.csc.com.
Contact Information
Karesha McGee
BEA SYSTEMS, INC.
+1-408-570-8288
karesha.mcgee@bea.com
BEA, Tuxedo, and WebLogic are registered trademarks and BEA WebLogic Enterprise Platform, BEA WebLogic Server, BEA WebLogic Integration, BEA WebLogic Portal, BEA WebLogic JRockit, BEA WebLogic Platform, BEA WebLogic Express, BEA WebLogic Workshop, BEA WebLogic Java Adapter for Mainframe, BEA Liquid Data for WebLogic, BEA eLink, and BEA WebLogic Enterprise Security are trademarks of BEA Systems, Inc. All other company and product names may be the subject of intellectual property rights reserved by third parties.
