V-Tek was established in 1995 and entered
the education finance market as a technology
provider to a consortium of lenders called
ELM Resources. V-Tek developed a product
set for this new company which helped differentiate
it by creating a new way to deliver and
manage student loan data, including the
first Internet-based data switch for student
loan origination information. This work
solidly established a reputation for V-Tek
as a reliable and innovative supplier of
high-end computer software and integration
services.
In
terms of milestones, in addition to the
ELM Internet-based data switch and database,
V-Tek built the financial aid industry's
first Web-based student loan status service
and created the first browser-based loan
management software for use by colleges
and universities. In 1997, the company developed
the first Internet accessible grant status
service for the state of Illinois.
In
May of 2000, V-Tek developed a student loan
data warehouse system for Bank of America
(SL DataMart) that consolidated financial
information from their many student loan
servicers into a single database. This product
enabled the bank to better manage the various
financial and risk aspects of a multi-billion
dollar portfolio.
In
the Summer of 2001, as a result of a joint
development effort with ACS Corporation,
V-Tek delivered AppWorks to the student
lending marketplace. This event was significant
because it marked the introduction of the
first student loan orgination system built
specifically around "Internet technology."
In
the Spring of 2002, V-Tek began offering
the AppWorks system on a remote basis (ASP),
in addition to their site license option.
The remote service is now being used by
Key Bank's Key Educational Resources and
Access to Loans for Learning Management
Corporation (ALLMC), an established student
loan seconday market.
This year, V-Tek delivered SL DataMart customized
to the specific needs of student loan secondary
markets. This product is run in an ASP configuration
for Brazos Higher Education Corporation.
Brazos uses high-speed Internet access to
connect to the database and retrieve data
files and reports.
