FALLS CHURCH, Va., Aug. 26 /PRNewswire/ -- Raytheon Company (NYSE: RTN)
has unveiled a state-of-the-art debt management system it successfully
developed to streamline the student financial aid debt management process.
Known as Quester, the debt management system provides seamless integration
of the loan origination and disbursement, loan servicing, and debt collection
processes. The Quester debt collection module offers the financial aid
industry the capability to manage their collection process from payment of a
claim through the final settlement of the loan.
Raytheon has applied expertise acquired from supporting the Department of
Education's Federal Family Education Loan and National Student Loan Data
System programs during the past decade to develop the state-of-the-art
architecture for this complete student financial aid loan portfolio management
system.
"We have combined more than 30 years of developing and integrating complex
solutions and decades of student financial aid expertise into one customized
software solution," said John Carroll, director of Raytheon's Enterprise
Information Systems.
Based upon Raytheon's thorough market analysis, breadth of technology
expertise, and the added influence and active participation of the guaranty
agency community, Raytheon created a system with user-friendly features to
meet the growing needs of the marketplace.
Quester's list of application features and functions include customizable
work lists; CAM/CCI (Common Account Maintenance/Common Claims Initiative)
standards; credit bureau (Metro 2) format; United States Postal Service --
Address Change Service; collection agency accountability; contact and
negotiations; correspondence; repayment plans; payoff quotes; billing; letter
requests; and financial transactions.
Raytheon developed Quester using Java 2 Enterprise Edition, a component
architecture for the development and deployment of component-based distributed
business applications written in Java that provides an infrastructure which
can automatically manage transactions, object distribution, concurrency,
security and resources.
RDA, a leader in custom software and web-based applications, served as a
major subcontractor to Raytheon and -- with additional experience in the
student loan industry and in-depth knowledge of technology-based solutions -
was a natural choice to support Raytheon in developing this complete solution
that manages the debt collection process from beginning to end.
"Because Quester was developed using the latest technology and standards
to provide a flexible, scalable, and easy to maintain system," Carroll adds,
"we are able to provide clients with the flexibility to select a package of
products and services to meet their specific needs at a price they can
afford."
With headquarters in Lexington, Mass., Raytheon Company is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft.
Editors' notes:
Traditionally known as an aerospace and defense electronics provider,
Raytheon provides a powerful combination of relevant technical skills and
extensive experience in system design to benefit a diverse base of customers
including the Defense Logistics Agency, Health and Human Services, and the
Department of Education.
To learn more about Quester, visit http://www.raytheon.com/quester.
Contact:
Louise Muniak
703.849.1635
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com/quester
CONTACT:
Louise Muniak of Raytheon Company,
+1-703-849-1635
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