SIOUX FALLS, SD – (October 11, 2023) - Central Payments, architect of the award-winning Open*CP® Fintech API Marketplace and leading payments solution provider, announces it has built a groundbreaking payments product with Gift of College, an innovative payments platform for 529 contributions and disbursements. The solution is simplifying the way that Utah’s my529 account owners can access their college savings funds and track expenditures by providing the my529 Access Discover® Prepaid Card for education-related expenses for both account owner as well as student use.
“This collaboration is a prime example of how a partner can simply connect to our Open*CP Fintech API Marketplace and have access to the entire payments ecosystem to enable easy access to funds where the process was historically antiquated and difficult for account owners and students,” said Eric Cotton, Executive Vice President and General Manager of Central Payments. “This innovation is live and available through Utah’s my529 and together with Gift of College, we plan to expand to other states’ 529 plans very soon.”
For more than 25 years, 529 plans have been focused on helping families start and continue saving for the costs of higher education. With a growing number of beneficiaries now reaching the age to use the saved funds, the time is right to expand the focus to easy access to 529 funds when needed.
“With roughly $40 billion withdrawn each year from 529 plans for higher education expenses, families across the U.S. who have invested in the Utah my529 plan will now be able to access and track their funds in a convenient way,” said Wayne Weber, CEO of Gift of College, “Together with Central Payments, we believe we have created an innovative solution which meets the ever-evolving needs of both the college savings industry and the millions of parents and students served by 529 plans.”
About Central Payments
Central Payments is a United States-based payments company built by bankers to connect the world by Making Financial Experiences Better®. The company solutions, builds, and supports payments products through its award-winning, proprietary Open*CP API Marketplace, which gives partners a single-source access to the entire payments landscape. The company also operates Falls Fintech, its startup fintech accelerator and produces Fintech Brews, a podcast devoted to helping bridge the gap between banking, startups, and the entire fintech industry. Visit Central-Payments.com for more information.
About Gift of College
As the nation’s leading education savings FinTech, Gift of College helps U.S. families address one of their most critical concerns: paying for higher education. An innovative platform that facilitates crowdfunding for college, Gift of College enables friends, family, and employers to contribute to any 529 college savings, ABLE, or student loan account. Its suite of products and services includes Gift of College gift cards (available online and at thousands of retailer locations across the U.S.), Gift of College At-Work, an employee benefit platform offering payroll deduction and employer contribution technology for student loan repayment and college and disability savings, and a first-of-its-kind 529 plan disbursement card for payment of qualified higher education expenses.
The my529 Access Discover Prepaid Card is issued by Central Bank of Kansas City, Member FDIC. Discover and the Discover acceptance mark are service marks used by Central Bank of Kansas City under license from Discover Financial Services. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and Fee Schedule. If you have any questions regarding the Card or such fees, terms, and conditions, you can contact us 24/7/365 toll-free at 1-844-545-0805.