March 16th, 2021 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven payment processing solutions, announced today that they have incorporated open banking into their innovative solution for international payment plans for universities and colleges. This launch, adding to their Payment Wheel suite of offerings, will enable educational institutions to validate student banking information and account balance status in real-time creating a highly efficient payments process saving both the student and institution time and money.
Incorporating open banking into international payments plans is a game changer for the international student payment space. Open banking technology is an important element within the emergence of alternative student payment methods bringing significant benefits for colleges and universities, while at the same time eliminating the invoice-only payment plans that students and institutions are forced to rely on today.
“Incorporating open banking into our international student payment plans will take this solution to the next level for both student and institutions. We know that bringing this solution to our partners, built by our affiliate company 360 cube technologies, will allow students to have more flexibility and choice when it comes to their higher education,” said Arif Harji, Director, Chief Market Strategist at MTFX Group. “This new solution will allow our partners to validate student information in real-time while simultaneously identifying fund availability with financial position detection technology removing instances of non-sufficient fund payments. This solution will equip educational institutions with the ability to offer students an enhanced user experience, eliminate the use of invoice-only payment plans leaving the burden all on the student, and replace it with a digital payment plan alternative that incorporates personalized payment scheduling with automatic withdrawals.”
PayMyTuition’s open banking solution for international payment plans utilizes a financial data API so that both student data and funds availability will be instantly authenticated for schools ensuring faster and easier tuition and fee payment transactions. Combined with biometric verification technologies, institutions will be enabled with enhanced payment processing security, identity authorization, and fraud protection, giving both the school and the student payment safety and peace of mind.
PayMyTuition’s open banking international payment plan solution will equip financial institutions with instant account authentication for a more seamless and secure payment experience. This solution will protect schools and students against overdraft and NSF fees with real-time funds verification and balance checks before any transfer can be initiated. Institutions can now verify students’ identities, instantly matching payments to student accounts, removing all manual intervention that school finance department staff would traditionally have to do. This allows educational institutions to be proactive with their payments process, saving staff time and the institution money from processing fees.
This solution also provides students the ability to create personalized payment scheduling for course registration due dates, tuition fee deadlines, and monthly ongoing expenses, giving students the ability to set up automatic payment withdrawals within their student portal to keep them on track with payment commitments and remove any additional fees that would arise from late payments.
PayMyTuition is focused on putting technology first and continues to bring innovative solutions to the marketplace to support partner institutions within an ever-changing student payments landscape. PayMyTuition’s open banking international payment plans solution can be seamlessly integrated, by way of their real-time API, into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange, and global payments solution provider with a track record of 25 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.