Solution Automates Financial Aid Disbursements
Washington, DC, — July 17, 2007 — Blackboard Inc. (NASDAQ: BBBB) announced today a new partnership with Global Cash Card™ to offer financial aid payment processing services with the Blackboard Commerce Suite™, a family of applications supporting one-card transactions on-campus, off-campus and online and allowing for identification and security access.
Global Cash Card allows universities to automate disbursements and eliminate the costly process of cutting checks to individual students. Students can have their financial aid refunds deposited directly to their Global Cash Card, and may transfer the funds to their own bank-issued debit card, or receive a check free of charge from Global Cash. This provides students with increased flexibility to use their funds immediately at a wide variety of locations.
"Automating financial aid disbursements eliminates a time-consuming, expensive process for campus administrators," said Russ Carlson, president of the Blackboard Commerce Group. "Global Cash makes administrators´ lives easier while also improving services to students."
Through Global Cash, students receiving financial aid refunds are issued a bank Debit MasterCard to which funds are periodically credited. Upon disbursement the funds are instantly available to the student, eliminating any wait time. Funds can then be used anywhere MasterCard is accepted.
"Our relationship with Blackboard gives universities the ability to provide the best student service while also achieving significant cost reduction with regard to disbursement of financial aid payments," said Joseph F. Purcell, president of Global Cash Card.
About Global Cash Card™
Global Cash Card™, a leader in electronic payment systems, provides ATM and MasterCard™ Debit Cards along with "turnkey systems" to corporations and individuals for a variety of applications. The Global Cash Card™ program enables cardholders to use the card for numerous financial applications such as payroll disbursements, expense reimbursements, incentive payments and travel reimbursements, as well as many others. For more information, visit www.globalcashcard.com.
About Blackboard Inc.
Blackboard Inc. (Nasdaq: BBBB) is a leading provider of enterprise software applications and related services to the education industry. Founded in 1997, Blackboard enables educational innovations everywhere by connecting people and technology. With two product suites, the Blackboard Academic Suite — and the Blackboard Commerce Suite —, Blackboard is used by millions of people at academic institutions around the globe, including colleges, universities, K-12 schools and other education providers, as well as textbook publishers and student-focused merchants that serve education providers and their students. Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Australia and Asia.