It was a record breaking year for college admissions and now that summer is almost upon us, a number of students are now in the process of applying for financial aid.

As most of us already know, the credit crunch has forced a number of financial lenders to reevaluate their business processes not only to manage its data securely and efficiently but also to meet new government compliance requirements.

One agency in New York for instance is using Managed File Transfer (MFT) technology to automate the financial aid lifecycle of files. Their investment helped suit multiple process management and data transfer needs for the entire organization and provided a platform to ensure compliance with new student loan industry standards.

Like many organizations, the agency was using a legacy system that was written over ten years ago and though it definitely served its needs, the system had become antiquated. Because they receive forms from a myriad of sources (banks and educational institutions), and via a number of upload options (FTP upload, web upload or email attachment), the agency used Metastorm Integration Manager (MIM) to transfer all files related to the financial aid lifecycle — including TAP certifications, loan guarantee files, manifests, electronic funds transfers, default collections as well as inbound and outbound disbursement files.

The technology has enabled the agency to automate, streamline and accelerate the way in which it handles its file transfers between its many trading partners. MIM has also helped the agency leverage a service-oriented architecture (SOA) because of its scalable foundation that will allow them to build new features and enable them to meet the data integration, MFT, and business process integration requirements in the many years to come.

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