Blackboard unveiled its new open-loop prepaid card program, Blackboard Pay, enabling institutions to disburse financial aid and student payroll to the campus ID card in a Title IV compliant manner.

In partnership with Discover and First Data, the Blackboard Pay program reduces the time and costs associated with the issuance of paper checks. It provides students and staff direct access to their funds and protects them from overdraft exposure and related fees.

Students at participating institutions will be able to use Blackboard Pay to make purchases at any of the millions of worldwide locations that accept Discover cards. Students also have the option to withdraw cash at any ATM that sports the Pulse, Allpoint or STAR Network logo.

Discover provides the network for the Blackboard Pay transactions while First Data provides the transaction processing and disbursement technology. Cardholder funds are held in FDIC insured accounts through First Data’s Money Network program.