BMTX - BM Technologies Inc. (NYSE: BMTX) Celebrates Earth Day Every Day by Helping Millions of Customers Go Green
Radnor, PA, April 22, 2021 (GLOBE NEWSWIRE) -- BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the largest digital banking platforms in the country, is celebrating Earth Day every day by helping millions of customers go green. The company reduces the use of unnecessary paper products through its online banking model.
Launched in January 2015, BM Technologies (BMTX), formerly known as BankMobile, is on a mission to provide a compliant, digital-first banking experience that is simple, affordable and consumer-friendly. The company serves over two million account holders, all of whom have access to a platform that reduces waste daily by being online.
“Earth Day gives us a moment to pause and be grateful for our planet and reflect on the importance of being environmentally-friendly,” stated Luvleen Sidhu, Chair, CEO, and Founder of BM Technologies (BMTX). “I am proud to be leading a company that is mobile-first and has sustainability embedded in its business model.”
BM Technologies (BMTX) has a disruptive, multi-partner distribution model, known as Banking-as-a-Service (BaaS) .Today, it provides its BaaS platform to colleges and universities through BankMobile Disbursements , a technology solution that processes and disburses student financial aid credit balances on behalf of the administrations, plus offers a payroll service to institutions to distribute paychecks to both students and employees. BankMobile Disbursements serves approximately one in every three college students in the U.S. Through this platform, BM Technologies (BMTX) provides the option for students to receive their financial aid refund checks electronically and has an annual electronic disbursement rate of 89%. BankMobile Disbursements has also helped over 16 million students get their funds on time.
“BankMobile Disbursements has been a lifesaver. Students have nothing but good things to say about the product. The process is night and day from the paper checks we used to send them,” said Todd Outcalt, Director of Finance at ATP Flight School, one of BM Technologies’ (BMTX) partner schools.
In addition to greatly reducing the amount of paper used, there is a significant cost savings. Issuing a check costs $6 on average.* Disbursing checks is the most expensive part of the refund management service, from handling returned checks to reconciliations. BM Technologies (BMTX) is able to save partner schools a significant amount of money by offering electronic methods of receiving checks . Additionally, this method allows students to receive funds on the same day or within 1-2 business days as compared to 5-7 days via a check in the U.S. mail.
Features of BM Technologies’ (BMTX) accounts include: interest-bearing accounts; access to more than 55,000 fee-free Allpoint ® ATMs; early payday; money management tools; robust mobile apps; financial wellness; and credit such as personal loans and credit cards.
# # #
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W) 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 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. BMTX currently serves over two million account holders and provides disbursement services at approximately 725 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 banks. More information can also be found at https://ir.bmtxinc.com/ .
* Smart Payables: The Cost of Issuing Checks (A Guide for Businesses)
Kati WaldenburgBM Technologies, Inc. (BMTX)2128053014kwaldenburg@rubensteinpr.com