Business
Hank Payments Partners with Ingo Money to Enhance Instant Disbursement Products
Toronto, Ontario--(Newsfile Corp. - October 25, 2023) - Hank Payments Corp.  (TSXV: HANK) (...
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[{"type":"text","content":"Hank Payments Partners with Ingo Money to Enhance Instant Disbursement ProductsToronto, Ontario--(Newsfile Corp. - October 25, 2023) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), an emerging North American leader in the Banking-as-a-Service (BaaS) market with a platform that modernizes budgets and payments for enterprises and consumers, is pleased to announce that it has partnered with Ingo Money to power instant disbursements initially for Hank's education platform (\"Hank EDU\"). Hank EDU includes a product called Fast Funds that enables seamless instant disbursements to students, saving time and money while enabling compliance with strict legal requirements around distributions of funds for students.\"Institutions of higher learning are intent on creating modern, convenient payments experiences that mirror students' interactions in other aspects of their lives, such as travel or ecommerce,\" said Michael Hilmer, chairperson and CEO of Hank Payments. \"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 is now our fourth best in class integrated partner and their innovation and execution excellence has Ingo factoring heavily into our product strategy for other vertical market applications that require seamless and integrated Bill Pay and Disbursements.\"Ingo Money provides innovative payments and risk management technologies that make money movement easy, instant and safe. Its industry-leading disbursements platform and proprietary risk and fraud AI tools guarantee that students' funds arrive immediately and safely in the account of their choice.The first colleges to implement Hank EDU are using Hank's Fast Funds direct-to-debit card product to quickly and securely disburse excess funds collected through bursaries, student loans, and rebates to students. 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.By law, excess funds must be distributed to students within fourteen days of receipt by a college or university. Using Ingo Money's instant disbursements platform, the Hank EDU por...