BM Technologies, Inc. (NYSE American: BMTX), one of the largest
digital banking platforms in the country, announced 194
institutions as recipients of its fifth annual ACE Award, which is
awarded to BankMobile Disbursements partner colleges and
universities that Achieve Campus Efficiency (ACE). 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 in a secure, efficient, and
cost-effective manner.
This award recognizes institutions that achieved excellence in
helping students quickly and securely receive their designated
refunds, which are essential in supporting students’ financial
wellbeing during the 2021 school year. This year, in addition to
the 194 colleges and universities that will receive the award, 39
are five-time winners.
BankMobile Disbursements enables higher education
administrations to seamlessly manage refund disbursements, reducing
costs and resources required to manage an effective disbursements
program, increasing speed of payment to students, and mitigating
potential fraud associated with financial disbursements. In
addition to leveraging the latest purpose-built technology,
BankMobile Disbursements educates students throughout the process,
including the 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.
Today, BMTX provides its Banking-as-a-Service (BaaS) platform to
colleges and universities across the country, serving approximately
one in every three college students in the United States. BMTX’s
BaaS platform serves over two million account holders and provides
disbursement services at approximately 750 campuses. A leader in
the higher education space, BankMobile Disbursements facilitates
over $11 billion in disbursements a year, with some of the highest
electronic disbursement rates in higher education, delivered
electronically by direct deposit into the account of the student’s
choosing, including into BankMobile Vibe Checking accounts.
“BankMobile Disbursements helps our partners effectively and
securely disburse refunds,” stated Luvleen Sidhu, Chair, CEO and
Founder of BM Technologies. “In a year where society has been faced
with unprecedented economic and financial challenges, we are
especially honored to recognize all 194 institutions that received
our 2021 ACE Award, and proud to see a growing number of
institutions utilizing our platform to help students achieve
financial security and stability while pursuing their
education.”
Five-year ACE Award winners include the following:
Adams State University
American Public University System
Angelo State University
Atlanta Technical College
Cerritos College
Chaffey Community College District
Clayton State University
Delgado Community College
East Georgia State College
Eastern Michigan University
Fort Valley State University
Gateway Technical College
Hartnell College
Lamar University
Lane Community College
Long Beach City College
Louisiana Delta Community College
Metropolitan Community College Area
Navarro College
North Orange County Community College District
Pennsylvania College of Technology
Pensacola State College
Prairie View A & M University
Rio Hondo College
Rogers State University
Sam Houston State University
Southern University and A & M College
Southern University at New Orleans
Tallahassee Community College
Texas A&M International University
Texas State Technical College
Texas Woman's University
The University of West Florida
Thomas Jefferson School of Law
Troy University
University of St Augustine for Health Sciences
University of West Georgia
Victor Valley College
Wittenberg University
Launched in 2015, BMTX remains committed to providing a
digital-first banking experience that is simple, accessible, and
financially empowering. The company is a pioneer in the BaaS space,
powering both banks and non-banks to expand access to digital
banking products through its award-winning technology. BMTX
provides its BaaS platform to colleges and universities through
BankMobile Disbursements.
# # #
About BM Technologies, Inc.BM Technologies,
Inc. (NYSE American: BMTX)—formerly known as BankMobile—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 BM
Technologies (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. BM Technologies (BMTX) currently has approximately two
million accounts and provides disbursement services at
approximately 750 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 bank. More
information can also be found at www.bmtx.com.
BMTX recently announced the signing of a definitive agreement to
merge with First Sound Bank, a Seattle, Washington-based business
bank. The combined company, to be named BMTX Bank, will be a
fintech-based bank focused on serving customers digitally
nationwide. The transaction is subject to regulatory approvals and
other customary closing conditions, and is expected to close in the
second half of 2022.
Julie Strickland
BM Technologies
2128053062
jstrickland@rubensteinpr.com
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