(BSNS WIRE) Sallie Mae Licenses Electronic Payment Suite from Bottomline
Sallie Mae Licenses Electronic Payment Suite from Bottomline Technologies; Top
Loan Provider Selects EPAY for Payments and Fraud Avoidance
Business/Technology Editors
PORTSMOUTH, N.H. and RESTON, Va.--(BUSINESS WIRE)--Jan. 4,
2000--Bottomline Technologies(R) (NASDAQ:EPAY), the premier provider
of Web-enabled billing, payment and electronic banking solutions,
today announced that Sallie Mae (NYSE:SLM) has licensed Bottomline's
complete electronic payment suite. Sallie Mae will leverage
Bottomline's electronic disbursement package to automate, control and
manage its highly sophisticated loan accounting system. Sallie Mae
will leverage Bottomline's fraud protection tools to protect the
organization from payment fraud.
"Sallie Mae, one of our nation's largest financial services
companies, handles a significant portion of U.S. student loans such as
Stafford, Plus, Heal, MBA Loan Programs, Law Loans, and FFELP. The
sheer volume they handle necessitates strict control over funds, and
the ability to process them quickly and error-free," remarked Dan
McGurl, president and CEO of Bottomline Technologies. "We are pleased
to announce that Sallie Mae has selected our sophisticated electronic
payment package, and we look forward to working with them to implement
this solution."
Bottomline's flexible payment package, installed at Sallie Mae
headquarters, will interface with a wide variety of loan accounting
systems including ExportSS, PortSS, LineSS, and Master Check. Sallie
Mae will utilize PayBase to transmit electronic loan disbursements to
university students nationwide, and in turn to receive recompense
funds from each lending institution. In addition, the software will
facilitate electronic debits for Sallie Mae's "direct repay" system,
which enables students to remit loan repayments electronically to
their bank. Bottomline's software will initiate monthly direct debits
to individual student bank accounts; the payment files will then be
sent to Sallie Mae and finally transferred to the lending bank.
PayBase will also be leveraged to work with Sallie Mae's
financial institution to protect the organization from payment fraud.
The software will download the electronic payment file through a
"payment filter" at the bank, which provides authorization for
specific types of electronic payments. Unauthorized debits or credits
are automatically rejected, thereby preventing any misuse of funds.
"Sallie Mae works with 1,000 lending institutions across the
country, and our loan accounting systems manage approximately 22
million student loans. The operations are very sophisticated and
require that complementary technologies demonstrate similar levels of
power and superiority," said Dan Conant, Assistant Vice President of
Finance for Sallie Mae. "We found that level of quality in
Bottomline's software. We expect the product will provide superior
protection and control for our electronic payments, and will also
benefit the students, universities, and financial institutions we work
with."
About Sallie Mae
Sallie Mae, founded 26 years ago, provides funds for education by
purchasing loans, primarily federally guaranteed student loans
originated under the Federal Family Education Loan Program. The
company currently owns or manages student loans for more than five
million borrowers. More information about the company can be found at
www.salliemae.com. SLM Holding Corporation and its subsidiaries, other
than the Student Loan Marketing Association, are not sponsored by or
agencies of the United States.
About Bottomline Technologies
Bottomline Technologies(R)(NASDAQ: EPAY) is a leading provider of
Web-enabled billing, payment, and electronic banking solutions for the
business-to-business market. Bottomline's three integrated eBusiness
offerings enable corporations and financial institutions worldwide to
automate, control and integrate all money movement. PayBase(R)
provides a pathway from traditional paper checks to electronic
payments. NetTransact, the company's business-to-business bill
presentment and payment suite, enables enterprise billers and their
trading partners to electronically present, adjudicate, and pay bills
on-line. Bottomline's ICM Division is a leading developer of
Web-enabled electronic banking and treasury management solutions.
Today, Bottomline's offerings are utilized by over 2,500 organizations
representing every major industry sector. Founded in 1989, Bottomline
maintains its headquarters in Portsmouth, NH and has satellite offices
located in most major cities. For more information, dial (800)
243-2528 or visit Bottomline on the web at www.bottomline.com
Cautionary Language
This press release may contain forward-looking statements that
involve risks and uncertainties, including statements regarding
expected benefits of use of the Company's products and future growth
or results. Among the important factors which could cause actual
results to differ materially from those in the forward-looking
statements are competition, market demand, technological change,
strategic relationships, recent acquisitions, international operations
and general economic conditions. For additional discussion of factors
that could impact the Company's financial results, refer to the
Company's Form 10-K filed February 1999.
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CONTACT: Bottomline Technologies
Ellen Backus, 978-740-0780
pr@bottomline.com
or
Clearview Associates
Kathleen Hawk, 212-966-9397
khawk@newyorknet.net
KEYWORD: NEW HAMPSHIRE MASSACHUSETTS VIRGINIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS BANKING INTERNET SOFTWARE
EDUCATION
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