Heartland Payment Systems Inc. is pushing a money-disbursement service it says can cut colleges' paper costs by electronically distributing financial aid payments to accounts tied to a student identification and general-purpose debit card.

Acceluraid addresses some of the compliance issues that have prevented schools from transferring financial aid payments to student ID cards, said Bill Norwood, the director and chief architect at Heartland's campus solutions division. Schools disburse the payments to federally insured accounts with Central National Bank in Enid, Okla. The accounts are linked to both a student ID that can be used to pay for laundry, books and other on-campus expenses and to a debit card that can be used at any merchant that accepts Discover, ensuring compliance with the Payment Card Industry data-security standard, the Federal Reserve's Regulation E and other requirements. Students can transfer money from the Acceluraid account to an external bank account or vice versa.

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