Tuesday July 27, 8:44 am Eastern Time
Company Press Release
Sallie Mae Enters Three-Year Agreement with billserv.com for Electronic Bill Presentment and Payment
Agreement to Enable Sallie Mae's 2.6 Million Customers to Review and Pay Student Loans Online
SAN ANTONIO--(BUSINESS WIRE)--July 27, 1999-- billserv.com, Inc. (OTC BB: BLLS - news), a leading electronic bill presentment and payment (EBPP) service bureau, today announced it has signed a three-year agreement with Sallie Mae that will enable Sallie Mae borrowers to review and pay their monthly education loan payments online. With more than 2.6 million statements currently mailed each month, and an expected increase to more than 4 million next year, Sallie Mae becomes billserv.com's largest customer to date.
Sallie Mae, a wholly owned subsidiary of SLM Holding Corporation (NYSE: SLM - news), is the nation's leading provider of financial services for post-secondary education needs. The corporation is the nation's largest source of funding and servicing support for education loans for students and their parents.
Under the agreement, billserv.com will be the exclusive provider of EBPP services to Sallie Mae. billserv.com will provide end-to-end electronic billing services, including receiving Sallie Mae customer loan data, delivering it to any bill consolidator Web site or Internet portal that partners with billserv.com, and processing customer payments back to Sallie Mae. billserv.com will begin processing Sallie Mae's billing data following a brief implementation phase, which will begin shortly.
''As the nation's largest provider of education loans, Sallie Mae represents an opportunity for billserv.com to partner with a forward-looking and strategically focused organization,'' said Michael Long, chairman and CEO of billserv.com. ''The agreement further validates billserv.com's bill presentment and payment model as the industry continues to become more complex for billers to enter. Clearly, Sallie Mae's customers will benefit from the improved efficiency and convenience of this new and dynamic distribution channel.''
''At Sallie Mae we continually seek ways to improve services to our customers and increase operating efficiencies,'' said Robert R. Levine, president of Sallie Mae Servicing Corporation, a wholly owned subsidiary of Sallie Mae. ''Online bill processing takes advantage of the latest technologies and offers our customers the most flexible and convenient student loan payment options.''
About Sallie Mae
Sallie Mae, founded more than 25 years ago, provides funds for education by purchasing loans, primarily federally guaranteed student loans originated under the Federal Family Education Loan Program, from banks and other lenders. The company currently owns or manages student loans for 5.3 million borrowers. More information about Sallie Mae is available at salliemae.com.
About billserv.com
billserv.com, Inc. (OTC BB: BLLS - news) is an electronic bill presentment and payment service bureau that provides small- to medium-sized billers with a turnkey outsourcing solution for presenting bills to consumers for payment on the Internet. billserv.com serves an intermediary role between billers and bill aggregators by consolidating customer billing information from multiple billers, and then securely delivering it to aggregators. billserv.com has four product offerings: (eServ(SM)), Internet billing clearinghouse services for EBPP; (ePublishing(SM)), electronic publishing services for online statement delivery; (eCare(SM)), an interactive customer care center operation; and (eConsulting(SM)), professional consulting services for billing organizations offering inhouse bill presentment. billserv.com also owns and develops bills.com, the first EBPP Internet portal where consumers can pay all their bills electronically. For additional information, visit billserv.com or call 210/402-5000.
Certain statements contained herein are ''forward-looking'' statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
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Contact:
Davis.Comm Inc. (for billserv.com)
Media:
Jeff Davis or Kevin Manniko, 415/837-3939
jdavis@daviscomm.com
kmanniko@daviscomm.com
or
Investor Relations:
888/559-4184
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