Award Recognizes BMTX Colleges and Universities that Achieve Campus Efficiency (ACE), Security, and Student Service
RADNOR, PA / ACCESSWIRE / February 13, 2023 / BM Technologies, Inc. (NYSE American:BMTX), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers, today announced 201 institutions as recipients of its sixth 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.
The ACE Award recognizes institutions that achieved excellence in helping students quickly and securely receive their refunds, which are crucial in supporting students' financial well-being during the 2022 school year.
"BMTX is committed to helping institutions achieve campus efficiency, and we are proud to recognize efficient disbursement programs and congratulate the 2022 winners," stated Luvleen Sidhu, Chair, CEO, and Founder of BM Technologies (BMTX). "Our mission at BMTX is to empower students and help them to achieve financial security and stability while pursuing their education. We are proud to see a growing number of institutions acknowledging the benefit of electronic payments for students and utilizing our platform."
BankMobile Disbursements enables higher education administrations to seamlessly manage refund disbursements. This reduces the costs and resources that are required to manage an effective disbursements program, increases the speed of payment to students, and mitigates 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. In aggregate, 89.52% out of 9.5 million disbursements processed by BMTX were delivered electronically by direct deposit into the account of the students' choosing during the period January 1st through December 31st, 2022.
BMTX has been providing white-labeled banking services in higher education since 2001. It has forged relationships and provides disbursement services at approximately 750 college and university campuses across the country, enabling BMTX to reach 1 in every 3 college students in the U.S., introduce them to BMTX, and offer them a choice to open a competitively positioned BankMobile Vibe Checking Account. BMTX has disbursed $13.8B over the last 12 months, with $1.7B of that into BankMobile Vibe Accounts. 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.
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American:BMTX) - formerly known as BankMobile - is among the largest Banking-as-a-Service (BaaS) providers in the country, 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 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.
Rubenstein Public Relations
SOURCE: BM Technologies
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