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Transact Campus expands international student payments solution

Andrew Hudson   ||   Oct 27, 2022  ||   

Mobile credential and payment solutions provider, Transact Campus, has updated its International Payments solution for international student payments. The platform that provides transparent payment tracking, rate details, and real-time account balance updates is now able to process disbursements faster following the latest update.

Transact's solution for international students was initially launched in October 2021, and is embedded in the student portal within the Transact platform. Transact International Payments enables students from 162 countries to easily engage with the platform.

The system update, can accept and reconcile with 134 world currencies, as well as provide faster disbursements with no additional cost when added to the ePayment or eMarket modules on the Transact Integrated Payments platform. With this service enhancement, payments are processed directly from the student account portal with no international wire or bank transfer fees.

Since the international platform launched, Transact has signed more than 175 colleges and universities, with the first campuses going live in May 2022.

“Our clients identified the need for a streamlined International Payments solution,” says Nancy Langer, CEO, Transact. “Responding to that client need is the main reason we focused on developing a way to add this feature to our campus payment systems."

Transact International Payments features include:

  • Competitive global exchange rates with no international wire fees or bank transfer fees.
  • Multiple payment options including Alipay, WeChat, and UnionPay.
  • 24/7 multilingual client support.
  • One seamless payment platform accessible from the student account portal.

“The process of adding International Payments to the Transact Integrated Payments platform provided important insight into how students are using it, allowing us to continually enhance the solution,” says Peter Scharnell, Head of Integrated Payments Product Management, Transact. “These enhancements contributed to the development of a robust product that enables seamless international payments, a feature that can even influence a foreign student’s decision to attend a university.”

The growth of the Transact International Payments solution is the latest in a number of recent Transact achievements.

Most recently, Transact Mobile Credential reached a milestone of 120 million contactless mobile wallet transactions by students using the platform. In addition, over 700,000 students have added the NFC-enabled Mobile Credential to their mobile wallet, enabling them to make purchases and securely access dorms and classrooms with a tap of their mobile device.

Additional Transact solutions include Transact IDX, the company's cloud transaction system, and Transact One, an integrated, cloud-native, and mobile-first ecosystem that brings all Transact solutions together under one, integrated platform.

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