Alliance Partnership Solution - Supporting a Program Administrator Model
Organizations that provide overall program administration for multiple new lender entrants in the private student lending market while “reselling” Cology’s core-processing technology to support their own value-add products and services.
The Program Administrator needed a partner that had experience and credibility in the market, and also able to accommodate the diverse needs of their potential client target audience; as well as a vendor with the unique and uncommon ability to sit discretely in the background, providing all lender services through a master servicing agreement (MSA) with the Program Administrator.
Cology was able to provide the master servicing agreement and all outsourced services that the client wanted. In each case, Cology worked effectively with the client to implement new lender participants while allowing our client to remain as the primary point of contact. Cology’s flexible system has provided a level of ongoing change management that has supported each and every request from all parties. As part of the change management process, Cology’s team is able to quickly identify the request and programming needed, and implement changes within a 4-6 week timeframe. This speed of delivery is an unprecedented level of support that most clients’ internal IT teams can not match. Reporting and billing detail for multiple clients presented no challenge for Cology and our Program Administrator. Cology’s system is capable of tracking activity at 4 levels; Corporation (program admin), Lender, Sponsor (bank branch), Referral Agent (individuals within each branch) — all of which is profiled for security access purposes. This comprehensive solution is delivered to our client as Cology remains behind the scenes, allowing our program administrator and their lender clients to successfully operate their business model, offer tangible value-add benefits and immediate program credibility to the market.
A fully outsourced solution with Cology provided maximum flexibility a host of value added expertise/services, and provided our client with a truly cost effective, best in class solution and partnership. Our client has successfully launched their program within the market and have rapidly gained a reputation for quality vendor support, thanks in part to the behind the scenes activities of the Cology team.