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Hank Payments Launches First College on Its Education Platform Ahead of Schedule
Toronto, Ontario--(Newsfile Corp. - July 27, 2023) - Hank Payments Corp. (TSXV: HANK) ( "Hank" ...
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[{"type":"text","content":"Hank Payments Launches First College on Its Education Platform Ahead of ScheduleToronto, Ontario--(Newsfile Corp. - July 27, 2023) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), is a North American leader in consumer Fintech Software-as-a-Service (\"SaaS\") in the Banking-as-a-Service (\"BaaS\") 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 is pleased to announce that it has completed the integration and extensive testing of its first college, launching on the Hank Education Platform (\"Hank EDU\"). The school will initially use Hank EDU Fast Funds for disbursements starting in August. Hank EDU Fast Funds allows colleges to seamlessly distribute excess funds collected, through bursaries, student loans, and rebates, back to the students while avoiding the latency and costs related to check processing. Fast Funds has shown up to 90% reduction in check issuance over the test phase, leading to strong interest from colleges for the product.Regulation requires that excess funds must be distributed to students within fourteen days of receipt by the college. The Hank portal allows colleges to (i) prepare and load files to disburse and trigger the disbursements in a timely manner, (ii) track the deposits on the student side, and (iii) provide evidence to their regulators that the disbursements were made to the students. The students receive notifications and secure links to accept the disbursements, allowing them to receive funds immediately using various payment protocols and banking integrations provided by Hank.The Company is also pleased to report that it already has another five colleges in various stages of final contract discussions and launch scheduling. The overall sales funnel is strong and the Company continues to work through its first one hundred school demos and contracting. The Company expects to see accelerated contracting and growth post the summer vacation season as staff at colleges return for the academic year.Michael Hilmer, Chairperson and CEO commented \"We a...