Hank Payments Corp. announced that the launch of its education product platform ("Hank EDU") with the signing of its first US college contract. Integration has commenced and the college is expected to launch in the coming months.

The college will initially launch Hank's proprietary "FAST FUNDS - Direct to Debit Card" product, which allows colleges to seamlessly distribute excess funds collected, through bursaries, student loans, and rebates, back to the students en masse. By law, excess funds must be distributed to students within fourteen days of receipt and the Hank portal allows colleges to prepare and load files to disburse and trigger the disbursements in a timely manner. Students receive notifications and secure links to their disbursements, allowing them to receive funds immediately using various payment protocols provided by Hank, while the colleges receive accurate digital records automating much of their manual processes.

Following the activation of FAST FUNDS, the college is anticipating savings from processing costs and increased efficiencies. Hank earns recurring licensing and processing fees for all such products.