Edgewater Technology Teams With ASA to Deliver Real-time Loan Processing System; Partnership Formed to Deploy System for Oregon Student Assistance Commission.Business/Technology Editors WAKEFIELD, Mass.--(BUSINESS WIRE)--Nov. 12, 2001 Edgewater Technology (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EDGW), an award-winning consulting and systems integration firm that specializes in creating tailored technology solutions, announced that it has joined forces with its long-time customer, national student loan guarantor American Student Assistance (ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and )(R), to deliver a real-time loan processing system for the Oregon Student Assistance Commission The Oregon Student Assistance Commission (OSAC), established by the Oregon Legislature in 1959, is primarily charged with administering student financial aid programs, and through its Office of Degree Authorization, authorizing and regulating the granting of degrees by institutions (OSAC OSAC Overseas Security Advisory Council (US State Department) OSAC Organization of Saskatchewan Arts Councils OSAC Overseas Schools Advisory Council OSAC Operational Support Airlift Command (United States Army) ) in order to administer the Federal Family Education Loan Program The Federal Family Education Loan Program (FFELP) is a United States Department of Education program that provides for private organizations to market, originate, and service federally guaranteed loans, such as Stafford and PLUS loans to students and their parents. . "Edgewater Technology's proficiency in integrating large-scale solutions, coupled with ASA's extensive expertise in student loan processing and systems development, will facilitate the deployment of OSAC's new system," said Alex Shapiro  Alex Shapiro (born January 11, 1962 in New York City) composes acoustic and electroacoustic chamber music favoring , Chief Information Officer for ASA. "Together, Edgewater Technology and ASA have the technical skill and deployment capabilities that will enable us to deliver a state-of-the-art technology system to OSAC." The system, which will be called OSAC Central(TM), is a Web-based loan processing application for originating, guaranteeing and disbursing federal student loans. OSAC Central will offer significant enhancements in response times over the traditional batch processing (1) Performing a particular operation automatically on a group of files all at once rather than manually opening, editing and saving one file at a time. For example, graphics software that converts a selection of images from one format to another would be a batch processing utility. standard in the industry today. True real-time processing Noun 1. real-time processing - data processing fast enough to keep up with an outside process real-time operation data processing - (computer science) a series of operations on data by a computer in order to retrieve or transform or classify information will allow OSAC to collapse the processing window from 24 hours to less than 24 seconds. "We are excited to be partnering with long-term clients, such as ASA, to bring such high quality solutions to market," stated David Gallo, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Edgewater Technology. "With our in-depth knowledge of ASA' s loan processing solution and proven custom development and systems integration expertise, Edgewater Technology is able to deploy large-scale systems of this sort quickly and efficiently." Recently, OSAC announced that the new loan system conversion project is ahead of schedule and will be completed before the December 31, 2001 deadline. "The hardware is in place, school and lender profiles are completed, and initial testing is underway," said Jeff Svejcar, OSAC Executive Director. "We are confident that the conversion to OSAC Central(TM) will be a seamless transition for our partners and OSAC. We're on time and on track." About Edgewater Technology Founded in 1992, Edgewater Technology is an award-winning consulting and systems integration firm that specializes in providing middle-market companies with tailored technology solutions. Headquartered in Wakefield, Mass., Edgewater has taken a partnership approach with its clients, targeting strategic, mission-critical applications. Edgewater Technology services its client base by leveraging a combination of leading-edge technologies and proven reengineering techniques provided by its network of national solutions centers strategically positioned across the United States. For more information, visit www.edgewater.com. About American Student Assistance (ASA) As one of the nation's leading student loan guarantors, ASA is dedicated to assisting students and their parents in successfully completing a program of education financing and repayment. Incorporated in 1956, ASA was the nation's first guaranty agency. ASA guarantees more than $676 million in student loans annually and currently manages a student loan portfolio worth $6 billion. ASA delivers quality FFELP FFELP Federal Family Education Loan Program guaranty, origination, fund delivery and default prevention services to students, parents, schools and lenders. Based in Boston, ASA employs more than 300 associates nationwide. For more information, visit www.amsa.com. |
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