TORONTO – Hank Payments Corp. (TSXV: HANK), is a North American leader in consumer Fintech Software-as-a-Service in the Banking-as-a-Service market segment. Hank platforms manage consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion. Hank’s vertical market technology brings to bear enhanced features for Enterprise customers that wish to help their users and themselves manage payments and cash.
The Company announced that the launch of its education product platform with the signing of its first US college contract. Integration has commenced and the college is expected to launch in the coming months. The college will initially launch Hank’s proprietary “FAST FUNDS – Direct to Debit Card” product, which allows colleges to seamlessly distribute excess funds collected, through bursaries, student loans, and rebates, back to the students en masse.
By law, excess funds must be distributed to students within fourteen days of receipt and the Hank portal allows colleges to prepare and load files to disburse and trigger the disbursements in a timely manner. Students receive notifications and secure links to their disbursements, allowing them to receive funds immediately using various payment protocols provided by Hank, while the colleges receive accurate digital records automating much of their manual processes.
Following the activation of FAST FUNDS, the college is anticipating savings from processing costs and increased efficiencies. Hank earns recurring licensing and processing fees for all such products.
Michael Hilmer, Chairperson and CEO commented, “We are delighted to bring our unique Hank EDU solution to life for the thousands of students enrolled in this reputable college. We specifically designed Hank EDU to leverage our BaaS stack for the underserved and complex multi-vendor environment currently faced by the education sector. Hank EDU provides solutions not available in the market today. Our EDU sales team has been extremely active in generating demand, beyond our expectations with a funnel of over 100 interested educational institutions, approaching one million addressable students. We look forward to enrolling additional colleges and their students on our platform successfully as agreements are signed.”
Hank Payments Corp is a North American leader in consumer Fintech Software-as-a-Service (SaaS) and Banking-as-a-Service (BaaS) platforms that manages consumer cash flow and budgets on an automated basis using proprietary algorithms that collect, store and disburse cash as required to discharge obligations in a timely fashion.