Hank Payments Corp. announced that it has completed the integration and extensive testing of its first college, launching on the Hank Education Platform ("Hank EDU"). The school will initially use Hank EDU Fast Funds for disbursements starting in August.

Hank EDU Fast Funds allows colleges to seamlessly distribute excess funds collected, through bursaries, student loans, and rebates, back to the students while avoiding the latency and costs related to check processing. Fast Funds has shown up to 90% reduction in check issuance over the test phase, leading to strong interest from colleges for the product. Regulation requires that excess funds must be distributed to students within fourteen days of receipt by the college.

The Hank portal allows colleges to (i) prepare and load files to disburse and trigger the disbursements in a timely manner, (ii) track the deposits on the student side, and (iii) provide evidence to their regulators that the disbursements were made to the students. The students receive notifications and secure links to accept the disbursements, allowing them to receive funds immediately using various payment protocols and banking integrations provided by Hank. The Company is also pleased to report that it already has another five colleges in various stages of final contract discussions and launch scheduling.

The overall sales funnel is strong and the Company continues to work through its first one hundred school demos and contracting. The Company expects to see accelerated contracting and growth post the summer vacation season as staff at colleges return for the academic year.