- Hank Payments (TSXV:HANK) has launched its education product platform and signed its first U.S. college contract
- Integration has begun 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 distribute excess funds collected, through bursaries, student loans, and rebates, back to the students
- Hank Payments (HANK) opened trading at $0.08 per share
Hank Payments (TSXV:HANK) has launched its education product platform and signed its first U.S. college contract.
Integration has begun 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 distribute excess funds collected, through bursaries, student loans, and rebates, back to the students.
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.
At more than 5,000 higher education institutions, 18 million students, and $37,787 in debt per student in United States, Hank’s EDU platform presents an opportunity to help students save for tuition, defer their tuition, and pay their tuition efficiently, while, at the same time, providing colleges with products that assist them in lowering their costs and increasing their overall efficiencies.
Hank Payments’ CEO, Michael Hillmer explained that the team designed Hank EDU to leverage its Banking-as-a-Service (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.”
Headquartered out of Toronto, Ontario Hank Payments s a fintech company that manages consumer cashflow and budgets on an automated basis.
Its proprietary algorithms collect store and disburse cash as required to discharge obligations in a timely fashion.
Hank Payments (HANK) opened trading at $0.08 per share.
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