- Hank Payments. (TSXV:HANK) and Ingo Money have announced a partnership to power instant disbursements for Hank’s education platform
- The platform includes a product called Fast Funds that enables seamless disbursements to students
- The platform also enables compliance with strict legal requirements related to distributing funds for students
- Shares of Hank Payments are unchanged at C$0.05
Hank Payments (TSXV:HANK) and Ingo Money have established a partnership to power instant disbursements for Hank’s education platform.
In a news release, the Toronto-based banking-as-a-service company said its education platform includes a product called Fast Funds.
Fast Funds enables seamless and instant disbursements to students that effectively save time and money while also enabling compliance and legal requirements related to distributing funds for students.
The first colleges to implement Hank EDU are using Hank’s Fast Funds direct-to-debit card product to disburse excess funds collected through bursaries, student loans, and rebates to students.
The platform, which is powered by Ingo Money and its partner KeyBank, provides students with various options on how to receive their funds while reducing latency and costs related to check processing for the college.
Powered by Ingo Money and its partner KeyBank, Fast Funds gives students more options for how to receive their funds while reducing latency and costs related to check processing for the college.
The initial test phase of Fast Funds demonstrated an up to 90 per cent reduction in check issuance.
“Institutions of higher learning are intent on creating modern, convenient payment experiences that mirror students’ interactions in other aspects of their lives, such as travel or e-commerce,” Michael Hilmer, CEO of Hank Payments, said in a statement. “The speed, security and choice offered by Ingo Money ensures we can meet the evolving needs of our college and university clients while fulfilling student expectations – all as part of our compelling banking-as-a-service platform.”
Ingo Money provides innovative payments and risk management technologies that make money movement easy, instant and safe.
Hank Payments’ platform modernizes budgets and payments for enterprises and consumers and automates tedious functions that result in time and economic savings for platform users.
Shares of Hank Payments are unchanged at C$0.05.
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