Student Loan Finance Corp. Selects Vitria to Create Delivery Channel Architecture.
Sunnyvale, Calif. - June 10, 2002 - Vitria (Nasdaq: VITR), the leading provider of innovative integration solutions, today announced that Student Loan Finance Corp. has chosen Vitria's BusinessWare® suite of products to create an architecture for its delivery channel. SLFC is developing a scalable platform to grow its student loan program business with new and existing business partners while streamlining and integrating business processes. Computer Sciences Corporation (NYSE:CSC) assisted SLFC in its selection of Vitria's BusinessWare product suite.
Through its "BrainScratch" student loan program, SLFC provides student loan capabilities to community banks so that these banks can develop and retain a customer base. The program is growing rapidly, with 129 banks signed on in 2001. SLFC's long-term strategic goal is to integrate a variety of business partners in the education loan market and grow the business to $5 billion by 2005.
With this rapid growth, SLFC wants to ensure that student loans are efficiently and rapidly originated and easily processed and serviced in real time for banking partners, customers, borrowers and other loan participants. To do so, all business processes will be streamlined and integrated using BusinessWare.
"We need to automate as many processes as possible so we can scale quickly to meet our growth goals," said Patti Waterman, CIO of SLFC. "The strength of Vitria's business process automation product, on top of a solid connectivity structure and unified architecture, will help us simplify administration and maintenance and lower our operating costs."
Student Loan Finance Corp. looks forward
By using Vitria's BusinessWare technology, SLFC will be able to automate repetitive manual processes, integrate several back-office solutions and applications to provide a comprehensive view of customer information and provide an engine platform for growing and expanding the business.
"With a rigorous methodology and substantial EAI expertise, CSC quickly identified Vitria's product suite as the optimal solution for SLFC," said Glenn Davidson, CSC Consulting Group's EAI practice leader. "As part of our evaluation, CSC conducted a proof of concept which revealed that Vitria's differentiating features would enable SLFC to achieve its key business requirements."
"Vitria is uniquely positioned for meeting SLFC's needs now and in the future as they continue to grow their business," said John Parker, vice president, Financial Services, Vitria. "We have the best business process automation tool, which is the key component to making SLFC successful with their growth plans."
About SLFC
Student Loan Finance Corp. is one of the strongest financial service companies in the student loan industry. A private company, SLFC has been in business since 1978 and has more than $1.3 billion in assets. Offerings include Federal education loans as well as private alternative loans. SLFC, as a secondary market, provides funding for higher education and purchases student loans from lenders and services them throughout the repayment process. SLFC also assists lenders and schools with various aspects of the student loan program and helps borrowers meet their loan obligations by providing flexible repayment options and prompt, knowledgeable and courteous account servicing.
About Vitria
Vitria Technology, Inc. (Nasdaq:VITR) is the leading provider of business process integration solutions. The company pioneered the enterprise application integration market in 1994 and the use of business process management in 1997, and is now the first integration solution provider to solve integration challenges through collaborative applications. With 23 offices around the world, Vitria's customer base includes such companies as Bell South, The Blue Cross Blue Shield Association, BP, DaimlerChrysler Bank, Dana, Generali, The Goodyear Tire & Rubber Company, PacifiCare Health Systems, Reynolds and Reynolds, Schneider Logistics, Sprint, Trane, Trans Union, and The United States' Departments of Defense and Veteran's Affairs. For more information call +1-408-212-2700, email info@vitria.com or visit www.vitria.com.
About CSC
Computer Sciences Corporation, one of the world's leading consulting and IT services firms, helps clients in industry and government achieve strategic and operational results through the use of technology. The company's success is based on its culture of working collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges.
Having guided clients through every major wave of change in information technology since 1959, CSC combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of global corporations and organizations. With some 68,000 employees in locations worldwide, CSC had revenues of $11.3 billion for the 12 months ended Dec. 28, 2001. It is headquartered in El Segundo, Calif. For more information, visit the company's Web site at www.csc.com.
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BusinessWare® is a registered trademark of Vitria.
This press release includes forward-looking statements, including statements relating to new products, goals and future business opportunities that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. Such factors include, but are not limited to, risk as related to market acceptance of Vitria's product products, deployment delays or errors associated with products of Vitria, hardware platform incompatibilities, need to maintain and enhance certain business relationships with system integrators and other parties, ability to manage growth, activities by Vitria and others regarding protection of proprietary information, release of competitive products and other actions by competitors and economic conditions in either domestic or foreign markets. These and other risks related to Vitria are detailed in Vitria's Annual Report on Form 10-K for the year ended Dec. 31, 2001, filed with the SEC on March 29, 2002, and in Vitria's quarterly reports on Form 10-Q as filed with the SEC. Vitria does not undertake an obligation to update forward-looking statements.
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