Campus payment solutions and transaction system provider, Transact, has launched its new Transact International Payments offering that provides universities with a streamlined approach to accept international currencies. TransferMate is a globally regulated payments infrastructure-as-a-service company, and Transact will support the end-to-end processing of international payments for students and universities.
It’s estimated that more than 1.07 million international students attended universities in the United States last year, contributing nearly $45 billion to the U.S. economy.
The new Transact International Payments solution will process payments from 162 countries and support more than 134 currencies.
In designing the new service, Transact leveraged TransferMate’s globally regulated payments network to remove international wire fees and ensure institutions receive 100% of payments, faster and with the highest levels of security. Students and their sponsors also have access to 24/7 multilingual support available via phone, text, Skype and WeChat.
“Our active global mindset extends to our clients’ international students who need and deserve options that are familiar and secure as they make their tuition and non-tuition payments,” says Laura McLaughlin, executive vice president, Transact. “To that end, our international payments solution will provide schools with a seamless solution to process cross-border funds securely and with a high level of transparency to ensure students’ and families’ peace of mind.”
Embedded in the student payment portal, Transact International Payments will provide transparent payment tracking, rate details, and real-time account balance updates. Given the zero international wire fees, the amount billed will be the amount received. Transact International Payments also supports bank transfer, credit cards, and alternate payment options, so students may select the international payment method of their choice.
“Our unrivaled licensing and banking networks are setting new standards of security, transparency and speed for student cross-border payments,” says Sinead Fitzmaurice, CEO of TransferMate Global Payments – a subsidiary of the Clune Tech Group. “We are delighted to be partnering with Transact to complete the advanced capabilities of their new payments platform, helping them to eliminate the friction inherent in the processing of international student payments.”
Transact International Payments provides multiple benefits for the institution. Advanced security features safeguard student and authorized third-party funds with end-to-end payment tracking, professional indemnity insurance, website and data security, and transaction screening. Reconciliation and refunds are also simplified and managed centrally within Transact Payments back office, and overpayments are restricted as Transact International Payments enables users to transfer only what they need.