Alpharetta, Georgia--(Newsfile Corp. - May 25, 2023) - This "529 Day," Mastercard and Catalis are working together to highlight the latest innovation for 529 college savings plans - the integrated Mastercard Prepaid Card - powered by Transcard, a leading provider of embedded payment solutions. The card makes it even easier for parents and students to pay for tuition, textbooks, and supplies. May 29 is national 529 Day, which recognizes the importance of tax-advantaged 529 college savings plans for American families.
Catalis, a leading provider of software and services for 529 college savings plans, recently launched a fully integrated savings prepaid debit card free for students and families enrolled in 529 college savings programs. Account owners can now seamlessly enroll and manage their prepaid card as an extension of their college savings accounts.
"We are excited about working with Mastercard to give families greater flexibility and accessibility in managing their education," said Catalis CEO Scott Roza. "Now, whether you purchase textbooks, tuition, or a meal plan, your college savings funds can be used with a simple swipe of a card or online. Incorporation of this prepaid card reinforces Mastercard and Catalis' continued commitment to enable states to offer modern and secure savings and payment solutions."
On average, about 16 million families each year save for college through 529 plans, which make it easier to plan for the cost of higher education at colleges and universities, technical and community colleges, and post-secondary education programs. 529 accounts help families save and budget for college and provide unique tax advantages.
"Paying for education-related expenses has traditionally been a manual process," said Chiro Aikat, Executive Vice President, U.S. Market Development, Mastercard. "Our work together optimizes the payments experience, providing families with peace of mind that these vital purchases are seamlessly and securely handled."
The College Savings Plan Network and Invite Education teamed up to make it even easier to find and compare 529 plans across the country. For more information, click here for search and comparison, or here to find your state plan. If you would like to learn more about 529s, please visit: collegesavings.org.
Catalis is the transformational SaaS and payments solutions partner powering all levels and sizes of government - municipal, county, state, and federal. With deep expertise, a proven track record, and innovative digital solutions, Catalis has empowered public servants across the U.S. and Canada to modernize government and engage citizens. For more information, visit catalisgov.com.
Transcard makes frictionless payments a reality with comprehensive global payment solutions designed for banks, Fintechs, and businesses of any size and in any industry. Transcard delivers solutions for business-to-business (B2B) payments, consumer-to-business (C2B) payments, business-to-business-to-consumer (B2B2C) payments, account-to-account automation, Banking as a Service (BaaS), and freight. Our solutions combine unmatched multi-rail capabilities, embedded workflows, best-in-class integration, effortless reconciliation, and bank-grade security. These are some of the reasons that many Fortune 500 businesses and banks trust Transcard with their payments.
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