HCL Great Britain Ltd. (HCL), the UK based subsidiary of Indian IT firm HCL will lead the project as prime system integrator (SI) while Deloitte will act as implementation partner and Misys will offer its core banking software BankFusion.
Under the project, SLC will requires to invest in a new IT platform to support all future business needs.
This major investment forms part of a wider business transformation programme and is part of SLCs long-term strategy to improve and simplify the student finance system, as well as expand our services in the future. It is a significant milestone towards achieving our vision of becoming a digital, customer-focused centre of excellence, said Mick Laverty, Chief Executive Officer, Student Loans Company
Last year SLC supported 1.34 million customers, paying out 6 billion in maintenance loans and grants, and 4 billion in tuition fees. In partnership with HMRC, payments of 1.7 billion were also collected.
We are pleased to partner with Deloitte and Misys in delivering a world-class transformation programme at the Student Loans Company. The UK is an important geography for HCL, our successful track record and strong systems integration capabilities will empower SLC to best manage increasing customer volumes whilst ensuring maximum service availability, said Rahul Singh, President, Financial Services, HCL.
This strategic initiative will enable SLC to become more customer-focused, ensuring it can deliver the very best service across multiple channels, endeavouring to address the governments Digital by Default agenda, added Singh.
On this announcement, We are delighted to be working with HCL and Misys to support the SLC to respond to the increasingly complex and demanding policy and delivery environment for student finance across the UK, commented Julie Mercer, Head - Education Practice, Deloitte.
According to Mercer, the SLC transformation program has provided Deloitte with the unique opportunity to bring together company's expertise in both the education and banking sectors and to play a critical role working with the SLC to better respond to the changing future requirements and expectations of students and stakeholders.
We look forward to working with HCL and Deloitte to deliver SLCs vision of delivering a scalable, modern core banking and payments infrastructure with the flexibility to meet the digital demands of students and its other stakeholders in the future, stated Nadeem Syed, Chief Executive Officer, Misys.
However, SLC has not disclosed any financial details of the IT transformation project with the media.