This new collaboration enables international students to pay their tuition in local currencies directly from their bank accounts or to pay in cash at participating Western Union® Agent locations. Colleges and universities will benefit from fast and reliable delivery of funds, automatic posting of payments, and streamlined reconciliation.
“We have seen a great need in the higher-education sector for cross-border payment options originating in the home countries of non-U.S. students,” said Raj Agrawal, President, Western Union Business Solutions. “By enabling these consumers to pay invoices in local currency and manage foreign-exchange transactions, we are able to provide an institution’s student population with choice, control, convenience and flexibility in how they make their payments – a goal we strive for in every payments program we administer.”
The integrated cross-border payment engine will help streamline the process of updating and reconciling international payments as student bodies at U.S. universities become increasingly diverse. The program’s goal is to provide global wire and cash payment services to all higher education institutions.
Or click here for Mercator’s 2011 International Payments Market Update.