TouchNet to Offer Seamless 529 Plan Tuition Payments to Higher Education

A new integration in TouchNet Payment Center and Bill+Payment solutions will provide online payment support for every 529 plan with zero transaction fees for families

LENEXA, Kan. – TouchNet, a Global Payments (NYSE: GPN) company and leading provider of integrated commerce and credential solutions for higher education, announced new 529 capabilities for Payment Center and Bill+Payment Solutions. This functionality continues to expand the payments ecosystem for higher education.

TouchNet institutions will gain access to a comprehensive 529 payment experience through a collaboration with Backpack Payments, including:

• Online payment support for every single 529 plan
• Zero transaction fees for student families
• Direct access to Backpack’s team of 529 payment experts
• Multi-student and multi-plan payment capabilities
• 529 eligibility determination and IRS audit support
  

“TouchNet’s mission is to simplify and secure campus commerce,” said Jeremy Loch, president of TouchNet. “We are making it easier for families to use their college savings while helping institutions reduce complexity and improve the payment experience within TouchNet Payment Center and Bill+Payment solutions.”

“We’re thrilled to work with TouchNet to deliver a best-in-class 529 payment experience to campuses nationwide,” said Callum Bedos, founder and CEO of Backpack Payments. “As TouchNet’s provider of 529 payments, we can now offer access to every 529 plan to their world-class client list—making education payments simpler, faster and more transparent for families.”

With a direct connection from the Student Account Center, institutions can offer families a streamlined way to pay tuition and related expenses directly from any 529 college savings plan online, without added transaction fees. The collaboration also equips campus business offices with expert support for 529 eligibility determinations and IRS audit needs, while enabling flexible multi-student and multi-plan payments in a single experience.

Through strategic partnerships, TouchNet continues to expand its platform to better serve higher education institutions. Learn more about TouchNet’s Student Finance solutions here.

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About TouchNet

TouchNet unifies campuswide payments and ID management software solutions for institutions of higher education around the world. Colleges and universities rely on TouchNet to integrate and secure payments, permissions, and other related business transactions for a comprehensive, actionable view campuswide. TouchNet’s unmatched integration, transparency, and security gives institutions greater control over transactions, costs, and compliance. As the market leader in higher education commerce technology, our platform-driven approach enables greater operational efficiencies and self-service access to real-time information for students and staff. TouchNet is a Global Payments company (NYSE: GPN).

About Backpack Payments

Backpack Payments is a financial technology company serving the higher education industry. Backpack combines payments and banking infrastructure with workflow automation to deliver the first purpose-built solution to the “external payments problem” faced by university business offices. Backpack's flagship infrastructure product, the 529 Payments Platform, is the first and only solution to offer online payments across every 529 plan - reducing operational burden and freeing staff to focus on what matters most - their students. Backpack is a financial technology company, not a bank. Banking services are provided by OMB Bank, Member FDIC. Deposits in checking and savings accounts are held by OMB Bank and are eligible for FDIC insurance coverage.