RADNOR, PA, Dec. 14, 2021 (GLOBE NEWSWIRE) -- 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.
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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.
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