SOURCE: AurionPro

October 21, 2008 06:00 ET

GreenNote's Social Network Student Loan Platform Advances With AurionPro Services

Offshore Product Development Speeds Time to Market for Alternative Lending Platform

SAN RAMON, CA--(Marketwire - October 21, 2008) - AurionPro, a leader in offshore product development and outsourcing services, today announced that it was the primary development resource used by GreenNote to develop that company's innovative social network lending system for low-cost student loans.

GreenNote (www.greennote.com) launched the GreenNote platform in June to provide a social lending market for students seeking alternative financing for school. Interested lenders use GreenNote's online tools to search for students based on a wide variety of criteria and can then provide a student with a loan that helps them lower the costs of going to college.

"AurionPro enabled us to overcome the traditional start-up hurdles of marshalling sufficient resources to execute on our vision, which is to enable social lending for education," said GreenNote Co-Founder and Chief Technology Officer Ben Sharma. "GreenNote was able to draw on a rich and varied skills-base that would have been prohibitive and time-consuming to try and build in-house."

GreenNote turned to AurionPro to tap into the company's deep domain expertise in payments and banking and cost-effective offshore product development resources. AurionPro's U.S. offices are backed by a global workforce steeped in experience in the banking, payments and financial services markets.

"Speed, efficiency and expertise are the key value proposition behind our offshore product development services," said AurionPro USA Managing Director Samir Shah. "GreenNote's goals for an innovative social network lending platform presented a great match for our ability to deliver comprehensive solutions in areas such as Internet banking, loan origination and payment processing."

GreenNote chartered AurionPro to develop the back-end payment system and Web site that enables students to create an online profile and to ask potential lenders to provide students loans. The system enables the parties to verify identities, enable payments and to access all loan documentation, tax forms, servicing and payment details required to confer loans.

In the U.S., AurionPro provides offshore product development and outsourcing services to deliver deep business functionality and enable customers in the banking, payments and financial services markets to differentiate their services and make them more competitive in the market place.

About GreenNote, Inc.

GreenNote helps students obtain loans for education via social networking rather than through traditional lending methods. Using the GreenNote online platform, students connect with their social network -- friends, family, friends of family, community leaders and others -- to borrow money. GreenNote helps formalize everything into legally binding loans and handles all the details. GreenNote is backed by Menlo Ventures and other prominent investors. For more information, visit www.greennote.com.

About AurionPro USA

AurionPro Solutions Ltd. (NSE: AURIONPRO, BSE: 532668) is headquartered in Mumbai and delivers sophisticated solutions that help companies accelerate and automate their operations. Since 1997, the company has created and delivered comprehensive solutions to streamline corporate banking, treasury, risk management, governance and compliance, and more. In the U.S., the company provides offshore product development and outsourcing services, backed by a global workforce steeped in experience in the banking, payments and financial services markets. For more information, visit www.aurionpro.com.

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