Colleges & Universities Partner with Blackboard to Streamline Delivery of Millions in Financial Aid
Three Institutions Will Deliver Over $40 Million with BlackboardPay
WASHINGTON, Nov. 18, 2010 /PRNewswire via COMTEX/ --
Blackboard Inc. (Nasdaq: BBBB) today announced that three colleges and universities - the first to implement the new BlackboardPay(TM) prepaid card program - will deliver over $40 million in financial aid to students through the service.
The University of Texas at Tyler (UT Tyler), Georgia Gwinnett College and Jones County Junior College in Mississippi have used BlackboardPay to simplify financial aid and student payroll disbursements while cutting costs and lowering or eliminating student fees.
With BlackboardPay, students have immediate access to their funds rather than waiting for paper check disbursements. Compared to existing financial aid disbursement products or credit cards, BlackboardPay protects students by eliminating overdraft exposure and PIN debit fees while reducing the need for a secondary bank card.
At UT Tyler the Patriot Power Card combines the features of a university ID card with prepaid functionality from the Money Network(R) and Discover(R), enabling students to use a single, integrated card for all campus services. The card does not charge students with transaction fees for accessing their funds, and starting this fall, students could access their financial aid funds through BlackboardPay on the same day they are processed by the institution.
"We're always looking for ways to make students' lives more convenient and with BlackboardPay we've been able to deliver a truly powerful one card solution," said Valerie Perry, Bursar at UT Tyler. "And by producing the card on campus we can provide a high level of service while troubleshooting issues and we can still provide same day refunds to our students."
Students at institutions that participate in the BlackboardPay program can use the prepaid card to make purchases at millions of debit acceptance locations. Additionally, cardholders can withdraw cash at millions of merchant locations and ATMs around the world that bear the Pulse, Allpoint or STAR Network logos, among others. The Allpoint ATM network affords BlackboardPay cardholders the opportunity to conduct surcharge free transactions at over 35,000 ATMs nationwide. Cardholders also have access to courtesy checks that can be used to pay bills.
Students at Georgia Gwinnett College and Jones County Junior College are maximizing the new features of their campus cards by adding direct deposit from their off campus employers or using the account to pay for their prepaid mobile phones. The account gives them free and clear access to their funds by using in-network ATMs and checks or using the card anywhere Discover debit cards are accepted. The funds are also FDIC insured.
"Our students have the advantage of a single card for campus life and now quick and convenient free and clearaccess to their financial aid refunds," said Candi Smith at Jones County Junior College. "We're pleased to partner with Blackboard to provide our students freedom from transaction or negative balance fees."
"The university leaders we have met with have applauded our student-centric approach to the program, as well as the one-card functionality," said David Marr, President of Blackboard Transact. "Our goal was to provide students with a financially responsible offering that is in their best interests. Together with our partners Discover and First Data, and based on customer and student feedback, we are accomplishing that goal."
For more information about Blackboard Pay and Blackboard Transact, please visit http://blackboard.com/Commerce-Security/Transact-Platform.aspx.
About Blackboard Inc.
Blackboard Inc. (Nasdaq: BBBB) 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 ourForm 10-Q filed on November 5, 2010 with the SEC. In addition, the forward-looking statements included in this press release represent the Company's views as of November 18, 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 November 18, 2010.
SOURCE Blackboard Inc.