Blackboard announced that more than 120,000 students are participating in BlackboardPay, the company’s prepaid card program which enable institutions to disburse financial aid and student payroll to the campus ID card.
BlackboardPay eliminates an estimated $2 million per year in student overdraft and PIN debit fees based on average fees for the total number of students now using the solution.
In partnership with Discover and First Data, the Blackboard Pay program reduces the time and costs associated with the issuance of paper checks. It also provides students and staff direct access to their funds.
With BlackboardPay funds are available on the day they are disbursed and held in FDIC-insured accounts. Students at participating institutions can then use the prepaid account integrated with the student ID to make purchases at Discover merchant locations.
Cardholders can also withdraw cash at the approximately 43,000 ATMs around the world that bear the Allpoint, Pulse, or STAR Network logos.