Citi® Prepaid Card
Academic institutions can positively impact their budgets and streamline operations by migrating from paper checks to more cost-effective prepaid alternatives. Citi Prepaid offers a solution specific to student disbursements including Financial Aid and tuition refunds that helps Universities to expediently deliver funds with less administrative effort, while ensuring compliance with Title IV and other legislation. Our solution eliminates the need for institutions to collect and manage student bank account information, yet offers the student the freedom of selecting how they receive their funds. The elimination of check administration produces efficiencies for the University while delivering the benefits of flexibility, convenience and control to their students.
Citi Prepaid Services can help academic institutions automate all payments to banked and "unbanked" recipients, including international students. Through a consultative approach, Citi Prepaid delivers a payment option that allows the College or University to expediently deliver all funds using one process.
Our innovative solution allows academic institutions centralize all payment functions to one platform, fully managed and operated by Citi Prepaid. We provide the tools for greater funds management, operational efficiencies, and a better way to communicate with recipients:
- Provides central tool for overseeing disbursement administration and reconciliation
- Eliminates lost/stolen checks and escheatment handling
- Eliminates need to manage recipients’ bank accounts
- Ensures compliance with Title IV and other requirements
- Improves funds management and lowers cost delivery
- Enhances reporting metrics and program visibility
- Serves as fast, flexible and convenient payment vehicle for recipients
Prepaid Applications for Academic Institutions
Colleges and Universities face many challenges around the disbursement and administration of payments. Citi Prepaid Services provides electronic payment solutions that help academic institutions overcome the resources and costs associated with the production, administration and distribution of paper checks to recipients for many types of payments:
- Financial Aid Refunds and Work Study: Electronic payment applications that simplify administration for the University and provide convenience and purchasing power for the recipient.
- Research Study Payments: Immediate and anonymous card issuance to research study participants.
- Payroll and Pension: Leverages institution’s current ACH file submission process to deliver economical, secure and efficient payroll payments that guarantee pay on time to all employees.