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ClassWallet Launches Prepaid Discover Card
MIAMI – January 6, 2016 – ClassWallet, fast becoming the leading platform for funds disbursement and tracking, announced the official launch of the ClassWallet Prepaid Discover Card. The ClassWallet Card is issued by Community Federal Savings Bank on the Discover Network and is using the Marqeta Platform to customize controls to the exact requirements of a school. The card program brings a new level of flexibility and dynamism to ClassWallet’s innovative patent-pending digital wallet solution.
Today, ClassWallet users can shop online with a network of vendor partners that accept ClassWallet as form for payment, such as Amazon, Office Depot and Best Buy. ClassWallet automatically tracks spending activity down to SKU-levels, digitizing the paper trail and helping to record financial transactions. As a result, ClassWallet saves administrators countless man hours spent reconciling funding against purchases, which today entails purchase orders, invoices, payment receipts and other paperwork.
With the ClassWallet Prepaid Discover Card, teachers can spend their ClassWallet funds off-platform for educational activities such as professional development courses, events, field trips and other travel, to shop at local merchants offline, or to shop at online merchants that are not ClassWallet partners. The card offers users unbridled flexibility while still helping administrators control and monitor their spending.
“The ClassWallet Prepaid Discover Card is another step in ClassWallet’s vision of simplifying teachers’ and administrators’ lives, and enabling students to get the resources they need more efficiently,” said Jamie Rosenberg, ClassWallet’s founder and CEO. “The demand for the card is through the roof. Working in tandem with our digital wallet and online partners has allowed us to create a powerful robust product for the market.”
Founder Jamie Rosenberg is no stranger to tackling school funding issues. His first venture AdoptAClassroom.org, which he launched in 1998, was the first online crowdfunding site and the first national education philanthropy online platform. ClassWallet President Neil Steinhardt has 20 years of experience in payments, most recently as Managing Director of the U.S. division of Skrill, the second largest digital wallet platform in the world behind PayPal.
“What excites us the most,” said Rosenberg, “is being able to leverage digital wallet technology to more closely align education procurement decisions with the actual users and beneficiaries – the teachers and students.”
Jason Gardner, Founder and CEO of Marqeta, commented: “There is a massive amount of innovation happening in the FinTech space and we are always excited to launch with a new partner, such as ClassWallet, to help power these revolutionary firms. As a result of our partnership, we are enabling the digitization of financial spending and tracking for schools, nonprofits, and helping ClassWallet to reduce the man hours it takes to sort through piles of paperwork. We’re proud of this and looking forward to continuing our work with ClassWallet.”
ClassWallet removes the paper from the ubiquitous “paper trail.” When purchases must be tracked, then invoices, purchase orders, reimbursement requests are surely in tow, which can incur up to $100 M $200 in labor costs per transaction. ClassWallet Enterprise streamlines payments by combining a reloadable virtual wallet with the power of a network marketplace to connect funders, buyers and suppliers in a single, patent-pending platform. The result is that ClassWallet owns both funding and purchasing data and provides real-time tracking and reconciliation in a completely paperless environment, saving billions in transaction costs. Learn more at www.classwallet.com.
Founded in 2010, Marqeta has reMengineered how payment cards, virtual cards and mobile authorization products should be developed and deployed. The Marqeta Platform, built from the ground up with no legacy infrastructure, provides the world’s first fully documented, open API issuer processor platform. Companies can build, issue and deploy innovative payment, finance and commerce solutions with enormous control over what, where, and how purchases are authorized. Adopters of The Marqeta Platform include leading financial services, e-commerce, retail, and social media brands. Engineered in California, The Marqeta Platform integrates with Visa, MasterCard and Discover and makes it easier than ever to make payments, receive payments, reward customers and create more efficient business processes. Learn more at http://www.marqeta.com.