BM Technologies (NYSE: BMTX) Honors 178 Leading Higher Education Institutions
Award Recognizes BankMobile Disbursements Partner Colleges and Universities that Achieve Campus Efficiency, Security and Student Service
Radnor, PA, April 01, 2021 (GLOBE NEWSWIRE) -- BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the largest digital banking platforms in the country, announced 178 leading higher education institutions as recipients of its fourth annual ACE Award, which was given to BankMobile Disbursements partner colleges and universities that Achieve Campus Efficiency (ACE). The mission of BankMobile Disbursements is to help higher education institutions efficiently, securely and cost-effectively disburse student refunds. The award recognizes institutions that disbursed 90 percent of all refunds electronically from January 1 – November 1, 2020 and promoted the refund disbursement program and process so that at least 40 percent of all students, regardless of financial aid eligibility, completed the refund selection process.
The 2020 ACE winners exemplify an elite group of institutions striving to financially empower students. Today, the BankMobile Banking-as-a-Service (BaaS) platform, the company’s disruptive, multi-partner distribution model, is provided to colleges and universities. It currently serves over two million account holders, and provides disbursement services at approximately 725 campuses, covering one out of every three students in the U.S.
With BankMobile Disbursements, higher education administrations are able to reduce costs tied to handling and producing paper checks and eliminate waste in a process that is faster and safer for students. Throughout the process, students are educated on the risks involved with paper checks, including their susceptibility to fraud and forgery, fees associated with check cashing services, the delay in gaining access to funds, and dangers of carrying large amounts of cash.
“BankMobile Disbursements helps our partners effectively and securely disburse refunds to students,” stated Luvleen Sidhu, Chair, CEO and Founder of BM Technologies (BMTX). “In a year with unprecedented economic and financial challenges, we are especially honored to recognize all 178 institutions that received our ACE Award for 2020. Since 2019, we have seen a 35 percent overall increase in qualifying winners and are proud that a growing number of institutions are utilizing our platform to help students achieve financial success.”
Forty-six institutions have received the ACE Award all four years, while there are 119 repeat winners in 2019 and 2020, and 83 three-time recipients. In aggregate, institutions that use BankMobile Disbursements have the highest electronic disbursement rates in higher education – 88 percent out of 9.5 million disbursements processed with BankMobile Disbursements during January 1 – November 1, 2020 were delivered electronically by direct deposit into the account of the students’ choosing.
Launched in January 2015, BM Technologies (BMTX), formerly known as BankMobile, is on a mission to provide a compliant, digital-first banking experience that is simple, affordable and consumer-friendly.
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About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W) is among the largest digital banking platforms in the U.S., providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission of being “customer-obsessed” and creating “customers for life.” The BMTX digital banking platform employs a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners, and business. BMTX currently serves over two million account-holders and provides disbursement services at approximately 725 college and university campuses (covering one out of every three students in the U.S.). BM Technologies, Inc. is a technology company and is not a bank, which means it provides banking services through its partner banks. More information can also be found at https://ir.bmtxinc.com/.
