HCL Tech signs deal with UK firm for payment service solutions

The company will work with financial advisory services firm Deloitte and banking and management solutions provider Misys

India's fourth largest software services exporter will help UK-based government firm Student Loans Company (SLC) offer lending and payments services.

HCL Great Britain, a subsidiary of HCL Technologies, will work with financial advisory services firm Deloitte and banking and management solutions provider Misys to provide an automated, secure and streamlined customer experience across multiple channels, including digital.

The financial details of the deal were not disclosed.

"HCL will work with Deloitte and Misys on core systems replacement programme. It will lead the programme as prime systems integration partner with support from Deloitte as an implementation partner and Misys providing the core banking software (BankFusion)," HCL Technologies said in a statement.

To serve the expanding student loans service and increasing volume of loans, SLC needs to invest in building a new IT platform to support all future business needs, it added.

Last year SLC supported 1.34 million customers, paying out 6 billion GBP in maintenance loans and grants and 4 billion GBP in tuition fees. In partnership with HMRC, payments of 1.7 billion GBP were also collected.

"This major investment forms part of a wider business transformation programme and is part of SLC's long-term strategy to improve and simplify the student finance system, as well as expand our services in the future," SLC CEO Mick Laverty said.

The UK is an important geography for HCL and the firm's successful track record and strong systems integration capabilities will empower SLC to best manage increasing customer volumes whilst ensuring maximum service availability, HCL President (Financial Services) Rahul Singh said.