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Acquisition to expand
the company’s client base and product offering
New Haven, CT – April
15, 2008 -Higher One, a financial
services and payment company focused exclusively
on higher education, announced today that 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 1st 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, Chief Executive
Officer of 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.”
Since its inception, Higher One
has managed the disbursement of over $4 billion
in refunds. Currently more than 5% of all
college and university students in the United
States benefit from the services Higher One
provides. In 2007, the number of OneAccounts—an
FDIC-insured checking account increased by more
than 151,000, a 73% increase. The OneAccount is
currently utilized by 404,000 students.
About Evisions
Evisions, an Irvine, CA based Software
Developer, has served the Higher Education
community for over a decade. They currently have
900 Higher Education Institutions worldwide
utilizing their products and services. Their
enterprise suite includes payment processing
technology, document enhancement and output
tools, as well as a robust reporting solution.
Evisions is universally recognized as providing
outstanding service and support by customers and
partners alike.
Founded in 2000, Higher One provides
higher education institutions and their
students with efficient, convenient and
easy-to-use solutions to handle financial
disbursements. These include: student
refunds, on-campus and community purchases,
payroll and employee expenses, as well as
the collection of payments from students,
parents, and sponsors.
Higher One offers a suite of online
banking services including the OneAccount,
an FDIC-insured checking account, and
OneCard, a Debit MasterCard®.
To date, Higher One has disbursed over $4
billion dollars in refunds for its clients
to more than 1,000,000 students, faculty,
and staff at distinguished public and
private higher education institutions
throughout the country.
Higher One recently ranked # 85 on the 2007
Inc. List of the 500 Fastest Growing
Companies in the United States. Higher One
is based in New Haven, CT.
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