Blackboard Introduces Flexible Financial Aid Disbursement for Higher Education
09 Marzo 2010 - 2:00PM
PR Newswire (US)
WASHINGTON, March 9 /PRNewswire-FirstCall/ -- Blackboard Inc. today
announced the launch of Blackboard Pay(TM), an open-loop prepaid
card program that lets educational institutions simplify the
disbursement of financial aid credit balances - as well as student
payroll - while cutting costs for institutions and lowering student
fees. Blackboard Pay provides students and staff immediate access
to their funds while eliminating the need to wait for paper check
disbursements. And compared to existing financial aid disbursement
products, Blackboard Pay protects students by eliminating overdraft
exposure, related fees and PIN debit fees, while lowering fees for
checks and card replacements. "Given the high fees normally
associated with other payment card products, we think students and
institutions will benefit from a card-based disbursement program
that is rich with features," said David Marr, President of
Blackboard Transact. "Together with our partners Discover and First
Data, we're proud to be able to meet the diverse needs of students
with an emphasis on value and financial responsibility." Students
at institutions that participate in Blackboard Pay can use the
prepaid card to make purchases at millions of debit acceptance
locations. Additionally, cardholders will be able to withdraw cash
at millions of merchants and ATMs around the world that bear the
Pulse, Allpoint or STAR Network logos, among others. Cardholders
will also have access to courtesy checks that can be used to pay
bills just like any other check. In addition, an institution can
combine Blackboard Pay with Blackboard's contactless FeliCa card
technology to greatly enhance security of student data, while
delivering all capabilities on a single campus card. The
Discover ® Network provides the vast and robust network across
which Blackboard Pay transactions will travel. The breadth and
reliability of the Discover network allows students to use their
card anywhere the Discover Card is accepted across the globe.
"Discover Network's relationship with Blackboard Pay provides
colleges and universities with an innovative, multipurpose
cash-management tool that offers benefits to both schools and
students alike," said Farhan Ahmad, General Manager, Prepaid &
Director of Emerging Payments at Discover. "With this program,
schools and students will experience the utility and flexibility of
the Discover Network through one-card functionality, speedier
processing of financial aid and scholarships, and easy access to
funds that are conveniently loaded onto one card." First Data will
provide the disbursement technology and transaction processing for
the program as part of its Money Network program. Funds in the
Money Network program are held in FDIC insured accounts to ensure
that clients can meet their Title IV obligations. "First Data is
excited to be working with Blackboard on this program," said
Michael Trent, General Manager of First Data's Government and
Education group. "First Data is a global leader in transaction
processing, and together with Blackboard, we'll provide the
institutions with an innovative and reliable way to disburse
student funds. As more and more colleges and universities look for
ways to control costs, this program will be a welcome tool to help
them reduce expenses associated with funds disbursement." For more
information about Blackboard Pay from Blackboard Transact, please
visit http://www.blackboard.com/transact About Blackboard Inc.
Blackboard Inc. is a global leader in enterprise technology and
innovative solutions that improve the experience of millions of
students and learners around the world every day. Blackboard's
solutions allow thousands of higher education, K-12, professional,
corporate, and government organizations to extend teaching and
learning online, facilitate campus commerce and security, and
communicate more effectively with their communities. Founded in
1997, Blackboard is headquartered in Washington, D.C., with offices
in North America, Europe, Asia and Australia. Any statements in
this press release about future expectations, plans and prospects
for Blackboard and other statements containing the words
"believes," "anticipates," "plans," "expects," "will," and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important
factors, including the factors discussed in the "Risk Factors"
section of our Form 10-K filed on February 17, 2010 with the SEC.
In addition, the forward-looking statements included in this press
release represent the Company's views as of March 9, 2010. The
Company anticipates that subsequent events and developments will
cause the Company's views to change. However, while the Company may
elect to update these forward-looking statements at some point in
the future, the Company specifically disclaims any obligation to do
so. These forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to March
9, 2010. DATASOURCE: Blackboard Inc. CONTACT: Matthew Maurer,
Blackboard Inc., +1-202-463-4860 ext.
2637,matthew.maurer@blackboard.com Web Site:
http://www.blackboard.com/
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