March 10th, 2020 – Toronto; Jersey City: While educational institutions are trying to evolve and become more adapted to the digital age, colleges and universities have still lagged when it comes to improved processes for cross border tuition payments. Fortunately, PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, announced today its solution to this problem. By way of their newly developed artificial intelligence (AI) and machine learning technology, the PayMyTuition platform solution can now enable colleges and universities to settle international tuition payments in real-time.
“Today, we have the ability to make digital payments instantly from our smart-phones, but until now, to make international tuition payments, both students and educational institutions experience a high level of friction within the customer experience, manual reconciliation processes, and delays in the availability of funds to the institution hindering students from immediate enrolment access,” said Arif Harji, Chief Market Strategist at MTFX Group. “PayMyTuition AI and machine learning technology was developed specifically for educational institutions, providing them an alternative solution that can remove all the friction and restrictions that exist within current offerings, while enabling real-time settlement for the first time.”
In the always-on digital environment that we live in, customers expect optimal convenience and digital solutions across the entire payment ecosystem, and the element of real-time settlement has, until now, been lacking.
Fortunately, educational institutions now have the option of integrating external fintech solutions into their existing channels, rather than being forced to build this complex native technology themselves.
PayMyTuition enables educational institution student information systems to optimize payment processing methods, giving students payment method and timing flexibility. This technology will help institutions to reduce costs, prevent errors and improve overall speed with the ability of real-time settlement. The utilization of AI and machine learning technology within the platform will also provide institutions with large and complete amounts of rich data including student information and payments statuses, of which they didn’t have visibility on before, making end-to-end payment transactions simple and transparent.
PayMyTuition’s real-time cross border tuition payment solution is an industry first and can be seamlessly integrated, by way of their real-time API, into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar.
The company is expanding rapidly, with plans to enable thirty educational institutions across North America with real-time tuition settlement in the next sixty days. PayMyTuition will continue working with customers across the globe to be able to provide unparalleled customer experience to all students, while significant efficiencies are delivered to the institution, now all in real-time.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange and global payments solution provider with a track record of 23+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. MTFX has built its reputation on amazing people and great technology. Using a blend of “high-tech” and “high-touch” solutions, MTFX has grown to become a leader in online foreign exchange and global payment services across North America. In addition to offering incredibly competitive currency exchange rates, MTFX’s “high-touch” 24/7 multilingual customer support ensures that every transaction not only meets but exceeds the level of service our customers expect from us. MTFX is headquartered in Toronto, Canada with its US headquarters in Jersey City, NJ.