Not the News I was looking for but News all the same.
Monday November 22, 8:30 am Eastern Time
Company Press Release
Sallie Mae Solutions and billserv.com Partner to Develop Net.Pay
Electronic Billing System to Enable Students At Thousands of Colleges and Universities to Pay Educational Fees Online
RESTON, Va.--(BUSINESS WIRE)--Nov. 22, 1999-- Sallie Mae Solutions, a new division of Sallie Mae (NYSE:SLM - news), and billserv.com, Inc. (BLLS) today announced that they have entered into a partnership to create Net.Pay, a new electronic bill presentment and payment (EBPP) service for colleges and universities nationwide.
Net.Pay will allow schools to electronically present their bills to students, expanding the array of Internet-based services already offered on many campuses, such as admissions, class registration and financial aid processing.
By using Net.Pay, students will be able to use the Internet to view and pay their college-related expenses such as tuition, room and board, bookstore charges, and miscellaneous fees. For schools, Net.Pay will eliminate costs for printing, postage and mailing supplies.
The system also facilitates two-way interaction between schools and students, increases the speed and efficiency in which payments are received, and allows students the convenience of Web access to their billing information.
``Sallie Mae Solutions helps educational institutions identify cost-efficient ways of using technology to conduct business,' said Tom Green, president, Sallie Mae Solutions. ``Net.Pay complements our current product offerings, which include student systems, financial aid and administrative outsourcing solutions. Today, more than a thousand schools employ our solutions, and we anticipate that these and other customers will eagerly embrace Net.Pay.'
``Sallie Mae has relationships with hundreds of colleges and universities nationwide, and we're pleased to be working with them on the development of Net.Pay,' said Michael Long, chairman and CEO of billserv.com. ``This strategic partnership not only benefits schools, it benefits students, who in the end, will have a quick and convenient way to pay their education-related bills.'
In July 1999, billserv.com entered into a three-year agreement with Sallie Mae, Inc. to develop an electronic billing system enabling Sallie Mae borrowers to review and pay their monthly education loan payments online. Net.Pay is the first such EBPP system implemented for the higher education market and represents a potential market opportunity for billserv.com to present millions of bills to students each year.
About Sallie Mae
Sallie Mae, founded 26 years ago, provides funds for educational loans, primarily federally guaranteed student loans originated under the Federal Family Education Loan Program (FFELP), from banks and other lenders. The company currently owns and manages student loans for 5.3 million borrowers.
Through its specialized subsidiaries and divisions, Sallie Mae also provides an array of consumer credit loans, including those for life-long learning and K-12 education, and business and technical outsourcing services for colleges and universities nationwide. More information about Sallie Mae is available at salliemae.com.
About billserv.com
billserv.com, Inc. (BLLS) is an electronic bill presentment and payment service bureau that provides middle-market 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 in-house 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. |
