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Hank Payments and FinWise Bank Enter into Strategic Partnership to Offer Enhanced Consumer Lending and Savings Program and Payments Services
Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - Hank Payments Corp. (TSXV: HANK), an emerg...
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[{"type":"text","content":"Hank Payments and FinWise Bank Enter into Strategic Partnership to Offer Enhanced Consumer Lending and Savings Program and Payments ServicesToronto, Ontario--(Newsfile Corp. - March 4, 2024) - Hank Payments Corp. (TSXV: HANK), an emerging North American leader in consumer fintech software-as-a-service with a banking platform that modernizes budgets and payments for enterprises and consumers, and FinWise Bank, a subsidiary of FinWise Bancorp (NASDAQ: FINW), a Fintech banking solutions provider, today announced the signing of a customer origination program agreement that will significantly enhance consumers' ability to pay down loans, build savings and access credit solutions. Hank Payments focuses on technology that modernizes payments and cash/budget management. The platform improves consumer and enterprise cash flow, payment discipline and efficiency - while saving money.FinWise will provide payment services, including ACH origination, wires, check, and bill pay services through Mastercard's Remote Payment and Presentment Service (RPPS), in collaboration with Hank systems. Michael Hilmer, Chairman and CEO of Hank, commented, \"We are excited to enter into this partnership with an innovative Fintech banking solutions provider like FinWise. The Company is highly focused on technology and automation and represents a best-in-class solution from our perspective.\" He added, \"With new technology developed by the Hank team in 2023, customer deposits will be housed by FinWise allowing Hank to earn fees on the deposits. The more payments and cash Hank manages, including consumer household payments, the higher the transiting deposits will be. This represents a new ongoing monthly revenue stream for Hank as transiting deposits increase high margin monthly fees and are expected to be accretive to our earnings. Implementation of the program will commence at the beginning of the second quarter of 2024.\" \"We are excited to work with Hank Payments to offer consumers and businesses a strong payments solution,\" said Kent Landvatter, CEO of FinWise. \"This strategic partnership gradually moves FinWise into payments processing and is in-line with our commitment to expand and diversify our sources of recurring fee revenue. We also expect it to help diversify our deposit composition and over time reduce our cost of funds through relationship ban...