Hank Payments Corp. announced that it has partnered with Ingo Money to power instant disbursements initially for Hank's education platform. Ingo Money includes a product called Fast Funds that enables seamless instant disbursements to students, saving time and money while enabling compliance with strict legal requirements around distributions of funds for students.

Ingo Money provides innovative payments and risk management technologies that make money movement easy, instant and safe. Its disbursements platform and proprietary risk and fraud AI tools guarantee that students' funds arrive immediately and safely in the account of their choice. The first colleges to implement Hank EDU are using Hank's Fast Funds direct-to-debit card product to quickly and securely disburse excess funds collected through bursaries, student loans, and rebates to students.

Powered by Ingo Money and its partner KeyBank, Fast Funds gives students more options for how to receive their funds while reducing latency and costs related to check processing for the college. Using Ingo Money's instant disbursements platform, the Hank EDU portal allows institutions to prepare and load files to disburse and trigger disbursements in a timely, automated manner. Students then receive notifications and secure links to their disbursements, enabling them to receive funds immediately, while the college receives accurate digital records providing evidence to regulators that disbursements were timely.

During the initial test phase of Fast Funds, it demonstrated up to a 90% reduction in check issuance, generating strong interest from other colleges for the Ingo Money-powered product.