Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven payment processing solutions for tuition management and campus commerce, announced today the launch of their innovative automated vendor management software for colleges and universities by way of their integrated partnership with Datasoft Global Technologies, a multinational software engineering firm delivering enterprise software solutions to the financial services sector. This launch, adding to their recent all-in-one solution offering, will protect the reputation and security measures of educational institutions limiting access to bad actors and restricted countries, while simultaneously streaming their total vendor payments process.
“The current pandemic and the ongoing geopolitical challenges that are being experienced worldwide have put pressure on educational institutions to ensure they have a sound vendor management and know your client (KYC) process in place to protect them from accepting or doing business with sanctioned individuals, groups, and countries globally,” stated Lucas Laracy, Director of Sales, PayMyTuition. “This strategic integrated partnership with Datasoft Global Technologies allows us to bring an innovative and highly secure vendor management software offering to the higher education category for the first time.”
With direct real-time integration into school’s student information systems, this innovative software will protect institutions from money laundering risk, fraudster attacks on large-sum transfers, regulatory fines and prevent any negative reputational impact from potential AML gaps and security breaches.
“We have been delivering enterprise software solutions to the financial services sector for over fifteen years. Focusing on ERP system integrations, our technologies trace each and every payment transaction from start to finish, ensuring strict measures on AML compliance, fraud protection, and transaction security are in place,” stated Jon Eckler, Chief Operating Officer, Datasoft Global Technologies. “The combination of our sophisticated KYC software and PayMyTuition’s next-generation solutions for higher education will enable educational institutions to be fully protected while eliminating gaps and AML risk that schools are exposed to from traditional solutions.”
This innovative solution provides schools with many advanced features including:
1. Always on real-time account verification and account owner verification checks
2. KYC, AML, PEP, and adverse media list screening
3. Ensuring institutions remain compliant with AML, KYC regulations and industry standards within their jurisdiction
4. Providing a completely personalized client onboarding and KYC process with a secure link sent to vendors to enter banking details eliminating hardcopy documentation requests
5. Mitigation of fraud risks by leveraging identity verification, ID document verification and business verification
6. Reduction of manual error risk with the removal of human intervention
This innovative solution from PayMyTuition can be seamlessly integrated, by way of real-time APIs, into most student information systems including: ellucian Banner, ellucian Colleague, PeopleSoft and numerous other leading student information systems.
About PayMyTuition by MTFX
PayMyTuition is part of the MTFX Group of Companies, a global payments solution provider with a track record of 25+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. Last year MTFX Group processed over 11 billion in currency exchange across 180+ countries in over 135 different currencies. 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. For more information, please visit www.paymytuition.com and www.mtfxgroup.com.
About Datasoft Global Technologies
Datasoft is a fintech company with a proven reputation for innovation and service excellence in the foreign exchange and international payments software space. Datasoft’s flagship platform, FxOffice, delivers end-to-end enterprise capability unifying FX dealing, risk management solutions, compliance, global payment solutions, and finance into a single platform. Financial institutions of all sizes across North America, Europe, and Australia run on FxOffice. Datasoft is headquartered in Toronto, Canada. For more information visit www.datasoft.global.