Student Loans Company (SLC) today announced its investment in a major IT transformation programme to advance its lending and payments services.

The programme will provide an automated, secure and streamlined customer experience across multiple channels, including digital.

HCL Technologies will work as prime systems integration partner on the core systems replacement programme, with Deloitte as implementation partner and Misys providing the core banking software (BankFusion).

To cater for 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.

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Last year SLC supported 1.34 million customers, paying out £6 billion in maintenance loans and grants, and £4 billion in tuition fees. In partnership with HMRC, payments of £1.7 billion 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,” said Mick Laverty, CEO at SLC.

“It is a significant milestone towards achieving our vision of becoming a digital, customer-focused centre of excellence.”