Toronto, Ontario--(Newsfile Corp. - December 14, 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 the signing of a contract for its education product platform ("Hank EDU") with an Oklahoma based college with annual enrolments exceeding 3,000 students.
The college will initially launch Hank's proprietary student credit balance disbursements called FAST FUNDS for remittances to students. The FAST FUNDS product will replace the college's previous solution, thereby improving the productivity, cost-effectiveness and security of the current process.
The FAST FUNDS disbursement product will provide students with multiple options on how they receive their disbursements:
- Within minutes using Direct to Debit card or prepaid card
- Within minutes using Direct to PAYPAL Account
- Within days using Bank Transfer
- Within 5 to 10 days using check
The Company expects that its FAST FUNDS product will reduce the colleges disbursement expense by up to 70%. FAST FUNDS will also reduce the staff requirements to process disbursements by minimizing check production. Integration will commence in January and the college is expected to launch in the coming months.
Michael Hilmer, Chairperson and CEO commented, "Our material funnel is starting to deliver the closings we expected, and we are delighted that this college wants to launch early in the new year."
About Hank Payments Corp.
Hank Payments Corp (the Company or "Hank") is an emerging North American leader in the Banking-as-a-Service (BaaS) market. The Hank platform modernizes budgets and payments for enterprises and consumers and automates tedious functions that result in time and economic savings for platform users. The Hank technology stack provides for several vertical market applications of the technology, with features specific to channels and enterprise accounts ("Partners") that allow those Partners to operate new revenue streams, while modernizing legacy payments. The Company earns recurring transaction and licensing fees from consumers and enterprises and is active in several markets and geographies including Canada and the United States. For more information visit the Hank Payments website at www.hankpayments.com.
Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts, and projections and include, without limitation, statements regarding the future success of the Company's business. Financial performance figures in Canadian Dollars unless otherwise indicated by "U" representing United States Dollars.
The forward-looking statements in this news release are based on certain assumptions. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
For more information regarding Hank Payments Corp., please contact: Jason Ewart, EVP Capital Markets, at 416-580-0721. For Investor Relations please contact ir@hankpayments.com and visit the Company's website at www.hankpayments.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191037
