WASHINGTON, Nov. 18, 2010 /PRNewswire/ -- Blackboard Inc.
(Nasdaq: BBBB) today announced that three colleges and universities
– the first to implement the new
BlackboardPay™ 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® and Discover®, 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 clear access 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 our Form 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.