BMTX Commends Colleges and Universities that Achieve Campus Efficiency (ACE), Security, and Student Service
RADNOR, PA / ACCESSWIRE / January 25, 2024 / BM Technologies, Inc. (NYSE American:BMTX), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, today announced 189 institutions as recipients of its seventh annual ACE Award. The award recognizes BankMobile Disbursements partner colleges and universities that Achieve Campus Efficiency (ACE). Eighty-one schools are partnership winners, recognized for their long-time partnership, and 37 schools were recognized for their partnership and efficient disbursement programs. Out of the 189 colleges and universities award recipients, 32 are seven-time winners.
The mission of BankMobile Disbursements is to help foster the success of higher education institutions and the students they serve by disbursing essential student refunds securely, efficiently, and cost-effectively. BMTX is the engine through which several hundred thousand new accounts are opened annually, helping students across the country better save, grow, and manage their money. With 20+ years of service, BankMobile Disbursements serves over 750 campuses and disbursed nearly 8 million refunds totaling more than $11B in 2023. One out of three students in the U.S. receive refunds through BankMobile Disbursements. BMTX maintained a 99% higher education institution contract renewal rate in 2023.
"Congratulations to our ACE Award winners! At BMTX, our dedication to enhancing campus efficiency remains unwavering. We take extraordinary pride in celebrating the accomplishments of the 2023 winners who have achieved excellence," said Jamie Donahue, President of BM Technologies (BMTX). "Our mission is to empower students, fostering financial security and stability throughout their educational journey at college and beyond. It is heartening to witness an increasing number of institutions recognizing the advantages of electronic payments for students and choosing to leverage our platform to benefit their students."
The BankMobile Disbursements platform provides Refund Management®. This industry-leading service processes and disburses financial aid credit balances to students on behalf of college and university administrations. As a full-service, tier-one provider, what sets BankMobile Disbursements apart is excellent service and exception handling to get money to students quickly and efficiently. Exception handling includes, but is not limited to, managing any ACH bounces, bad addresses for checks, and stop payments. BankMobile Disbursements also increase the speed of payments to students, are cost-saving for schools, with no more writing and mailing paper checks, and mitigate potential fraud associated with financial disbursements. In aggregate, a little over 90% out of nearly 8 million disbursements processed by BMTX were delivered electronically by direct deposit into the account of the student's choosing in 2023.
BankMobile Disbursements educates students throughout the process, including risks involved with paper checks, their susceptibility to fraud and forgery, fees associated with check cashing services, and the dangers of carrying large amounts of cash. In Q1 2024, BMTX plans to roll out its new student identity verification service called BMTX Identity Verification (IDV). Universities will be able to control fraud vulnerabilities during student enrollment, select risk level preferences, and leverage robust AI tools to enhance employee productivity, detect fraud, and improve customer service.
BMTX has been providing white-labeled banking services in higher education since 2001. The BankMobile Vibe Checking Account is a digital-only, FDIC-insured, interest-bearing checking account designed specifically for students and available at colleges and universities that use BankMobile Disbursements. It offers an optional savings account and access to over 55,000 fee-free Allpoint® ATMs.1 It also provides the ability to get paid up to two days early and receive tax refunds up to three days early via direct deposit.2 The BankMobile Vibe Checking Account offers money management, financial literacy tools, and more (feature comparison). Additionally, it is a student-friendly checking account with strong protections put in place by the Department of Education.
Learn more about BankMobile Disbursements!
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX) - formerly known as BankMobile - is among the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, providing access to checking and savings accounts, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission to financially empower millions of Americans by providing a more affordable, transparent, and consumer-friendly banking experience. BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can be found at www.bmtx.com.
1Allpoint ATM location, availability, and hours of operation may vary by merchant and is subject to change.
2Early access to funds cannot be guaranteed. Limitations apply.
Contact:
Brigit Hennaman
Rubenstein Public Relations
[email protected]
212-805-3005
SOURCE: BM Technologies