Case Studies

Component Services

Cology’s client was a newly formed Credit Union Service Organization (CUSO). This CUSO created a structure that incorporated several providers into a seamless service offering for Credit Unions entering the private student loan arena.

Problem/Opportunity

This client needed expert assistance with one of the more complicated pieces of private student loan processing — data exchange and disbursement interfaces with 3rd party organizations that serve colleges. Cology’s background with 3rd party data exchange providers created the perfect opportunity for it to act as a vendor for these services. Cology already had the necessary memberships, held the proper licenses, and had the network of key contacts. This client relationship was seeking to leverage just a few components of the overall capabilities of Cology.

Solution

Cology’s existing relationships with the network of 3rd party providers insured a smooth initial implementation and ongoing processing between each Credit Union and over 3,000 colleges across the country. In addition, Cology’s system profiles contain precise loan processing profiles that are unique to each college, allowing for an even more efficient layer of loan processing so that the communications and outputs to the college financial aid office was efficient and the overall member experience was second to none. To round out the solution, Cology also provided an ASP remote license of its core processing platform, allowing another vendor participant in the CUSO to provide their services utilizing Cology’s system of record. As the CUSO lender partners were originating an insured loan asset, the fact that Cology’s Technology Team and IT Leadership were well known to the default insurer provided another layer of comfort that the program was supported by known industry experts.

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Results

Since going live 3 years ago, Cology’s relationship with this client has helped over 200 Credit Unions provide members with programs that are seamlessly integrated with thousands of colleges across the country. Cology’s performance and responsiveness has led to additional service contracts with this client and the client continues to source new participating Lenders every month, each with a unique product to serve their membership.