BM Technologies, Inc. (NYSE: BMTX) Celebrates Earth Day Every Day by Helping Millions of Customers Go Green
April 22 2021 - 10:31AM
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the
largest digital banking platforms in the country, is celebrating
Earth Day every day by helping millions of customers go green. The
company reduces the use of unnecessary paper products through its
online banking model.
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. The company serves over two million account
holders, all of whom have access to a platform that reduces waste
daily by being online.
“Earth Day gives us a moment to pause and be grateful for our
planet and reflect on the importance of being
environmentally-friendly,” stated Luvleen Sidhu, Chair, CEO, and
Founder of BM Technologies (BMTX). “I am proud to be leading a
company that is mobile-first and has sustainability embedded in its
business model.”
BM Technologies (BMTX) has a disruptive, multi-partner
distribution model, known as Banking-as-a-Service (BaaS).Today, it
provides its BaaS platform to colleges and universities
through BankMobile Disbursements, a technology solution that
processes and disburses student financial aid credit balances on
behalf of the administrations, plus offers a payroll service to
institutions to distribute paychecks to both students and
employees. BankMobile Disbursements serves approximately one in
every three college students in the U.S. Through this platform, BM
Technologies (BMTX) provides the option for students to receive
their financial aid refund checks electronically and has an annual
electronic disbursement rate of 89%. BankMobile Disbursements has
also helped over 16 million students get their funds on time.
“BankMobile Disbursements has been a lifesaver. Students have
nothing but good things to say about the product. The process is
night and day from the paper checks we used to send them,” said
Todd Outcalt, Director of Finance at ATP Flight School, one of BM
Technologies’ (BMTX) partner schools.
In addition to greatly reducing the amount of paper used, there
is a significant cost savings. Issuing a check costs $6 on
average.* Disbursing checks is the most expensive part of the
refund management service, from handling returned checks to
reconciliations. BM Technologies (BMTX) is able to save partner
schools a significant amount of money by offering electronic
methods of receiving checks. Additionally, this method allows
students to receive funds on the same day or within 1-2 business
days as compared to 5-7 days via a check in the U.S. mail.
Features of BM Technologies’ (BMTX) accounts include:
interest-bearing accounts; access to more than 55,000 fee-free
Allpoint® ATMs; early payday; money management tools; robust mobile
apps; financial wellness; and credit such as personal loans and
credit cards.
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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 college students in the
U.S.). BM Technologies, Inc. (BMTX) 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/.
*Smart Payables: The Cost of Issuing Checks (A Guide for
Businesses)
Kati Waldenburg
BM Technologies, Inc. (BMTX)
2128053014
kwaldenburg@rubensteinpr.com
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