Higher One’s purchase of EduCard, which utilizes Intellecheck technology to provide colleges and universities with a stored value card, will expand Higher One’s client base and product offering while streamlining its refund distribution process.
New Haven, Conn.—Higher One, a financial services and payment company focused exclusively on higher education, announced it has agreed to acquire the assets of EduCard, LLC, an affiliate of software developer Evisions. EduCard, LLC utilizes the Evisions Intellecheck technology to provide colleges and universities with paperless payment solutions through Intellecard—a stored value card.
The Department of Education has made changes to the regulations surrounding stored value programs for the disbursement of Title IV funds. Higher One’s OneDisburse Refund Management and the OneCard, a Debit MasterCard tied to the OneAccount, Higher One’s no monthly fee, no minimum balance, FDIC-insured checking account, enable an institution to remain compliant with these new regulations, which go into effect July 1 of this year.
This acquisition makes the eight week implementation process for Higher One’s Refund Management service easier for IntelleCheck clients by eliminating the need for a separate IT project. Payments transfer from Intellecheck directly to Higher One. The result is a streamlined refund distribution process which delivers refunds to students faster.
“We are pleased to make it easier for over 900 Evisions clients to implement our OneDisburse Refund Management service,” said Dean Hatton, CEO at Higher One. “The IntelleCheck 3.0 integration for an institution’s SunGard Banner system eliminates the need for a special IT project during the Higher One implementation, so colleges and universities can concentrate on educating staff and students about the program.”
“EduCard has always been committed to developing affordable solutions to simplify difficult business processes for colleges and universities,” explained Kevin Jones, Evisions President. “We know that Higher One shares this same commitment and by working together we can ensure access to a broader suite of products that benefit both institutions and their students.”