“ Not every institution is the same , they have different banking philosophies and different banking needs ”
JAMIE DONAHUE CHIEF TECHNOLOGY OFFICER ,
BM TECHNOLOGIES ( BMTX )
2000 . BMTX was founded with the intention of improving financial literacy for the underbanked , so students on campus was always destined to be a logical fit . Since that acquisition , the company has brought new technology into the onboarding process that college students go through in order to offer a seamless digital experience , with BMTX ’ s technology placed squarely in the middle between the student and the institution .
For the student , that means one single financial product that covers everything they ever need on campus . They are issued with a single card that grants them access to dorm rooms , serves as their parking pass and their meal card , and allows them to access account services all at the same time . That means they can pay for things like books and course materials , but also receive financial aid such as the support packages announced during the COVID-19 pandemic .
From an institutional perspective , colleges and universities are able to brand all apps and cards with their own branding – including their college colours , fonts and logos – to ensure a consistency and a seamlessness across all their on-campus services . “ If an institution is so inclined , we can integrate that technology cleanly and neatly into the overall university ecosystem ,” Donahue says . This white-label approach means that BMTX can roll out with a new higher-education partner quickly – even in as little time as it takes for students to return from summer break – while still possessing the tools to deliver more complex , more bespoke solutions if necessary .
“ Not every institution is the same ,” Donahue explains . “ They have different banking philosophies and different banking needs . We can accommodate that in any way through our platform architecture that meets the needs of the university or college .”