ReliaMax Launches ConnextSM Private Student Loan Solution for Banks

ReliaMax Launches ConnextSM Private Student Loan Solution for Banks
17.08.2016 08:30 am

ReliaMax Launches ConnextSM Private Student Loan Solution for Banks


ReliaMax®, a leading platform-as-a-service solutions provider for the private student loan industry, today introduced the Connext Private Student Loan solution for banks and the emerging market of alternative lenders.

The Connext solution is specifically designed for banks and alternative lenders looking to enter, grow or diversify their private student loan volume into a profitable asset class to meet the growing education financing gap with a comprehensive, branded private student lending product. This proven turnkey solution allows banks and alternative lenders to offer competitive in-school and consolidation/refinance private student loans supported by a compelling online experience for student borrowers.

“Students and parents are looking for competitive options to finance their education or refinance their federal and private loans after they have graduated. With Connext, banks and alternative lenders can offer comprehensive, risk managed private student loans without having to invest in the infrastructure or headcount,” said Michael VanErdewyk, CEO of ReliaMax. “Private student loans are proven to be a reliable and well-performing asset class in which an increasing number of lenders are competing. Just as Uber brings riders and drivers together, ReliaMax is the only solution that brings borrowers and lenders together in an enduring financial relationship.”

Adding to ReliaMax’s impressive list of student loan programs, the Connext Private Student Loan solution is designed for community banks, regional banks and alternative lenders to enter or expand their market share in the education financing and the student loan industry. Benefits to lenders include the following:

  • The opportunity to build credibility and acquire Millennial customers who are projected to inherit $30 trillion* over the next few decades and who value deeper connections to their financial vendors (Accenture Consulting, The Greater Wealth Transfer, 2015).
  • Delivering a brand experience that resonates with Millennials, crucial to building loyalty as the relationship matures. Millennials are more likely to switch banks for competitive products than any other generation. (Scratch/Viacom Media Networks).
  • School certifications for private student loans are nearing 100 percent, correlating directly to improved loan performance, repayment, and sharp declines in 90-day delinquency rates (MeasureOne Private Student Loan Report Q1 2016).

The total cost of education continues to rise and new options for financing education that take advantage of today’s low interest rates have driven increased demand by students for private student loans versus other consumer loans. Private student loans enhanced by ReliaMax, offer lenders and investors stable and attractive returns at materially lower risk than other, similar assets, along with low delinquency and default rates.

In addition to offering Connext, ReliaMax continues to offer The ReliaMax Solution, a custom platform for borrower acquisition, loan origination, servicing, insurance and providing capital market liquidity to lenders for undergraduate and graduate in-school and consolidation/refinance student loans. ReliaMax currently insures over $2.6 billion in private student loans at over 450 banks, credit unions and alternative lenders in 49 states and the District of Columbia.

Related News

BPC joins Visa’s Fintech Fast Track Program

BPC today announced that it has joined Visa’s Fintech Fast Track Program, which makes it quicker and easier for fintechs... Read more »

additiv launches its KickStarter™ offering for DFS Wealth Management PaaS Platform on Microsoft Marketplace

additiv, a leading Software as a Service (SaaS) provider to the wealth management industry, launched in April 2020 an industry first: a rapid, risk-free route... Read more »

PPRO publishes its 2020 Payment Almanac

Today, PPRO, the leading local payments platform-as-a-service, launches its 2020 Payment Almanac in partnership with Edgar, Dunn & Company. The... Read more »

Japanese payment methods Konbini and Pay-easy join APAC giants on PPRO’s payments platform

PPRO, the world's leading local payments platform-as-a-service, has entered the Japanese e-commerce market. Two popular Japanese payment methods – Konbini and Pay-easy – join... Read more »

Societe Generale Chooses FIS Managed Solution to Provide Instant Payments for Corporate Clients in Europe

FIS™ (NYSE: FIS), a global leader in financial services technology, announced today that Societe Generale has chosen... Read more »

Avaloq announces strong 2018 results, driven by international expansion, new solutions and client growth

Avaloq, a leading fintech company and international provider of software as a service (SaaS) and business process as a service (BPaaS) solutions to banks and wealth managers,... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel