TORONTO; JERSEY CITY, -- ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, today announced it will join forces with MTFX Group, a leader in corporate foreign exchange and global payments, to provide international students with an affordable, simple way to pay for their tuition and fees. MTFX’s PayMyTuition platform will integrate and support ACI’s UP Bill Payments college commerce system, which offers students every way to pay, from full tuition payments, to payment plans, to delinquent collections.
Educational institutions face several challenges when processing international payments including unidentified or missing payments, manual reconciliation processes, and cumbersome payment processes. By integrating ACI’s UP Bill Payments college commerce solution and MTFX’s PayMyTuition platform into one simplified experience, international students in the U.S. and Canada will benefit from a convenient and affordable way to pay college bills. The solution allows students to pay in their home currency with the assurance that the funds will arrive at their educational institution without any hidden fees or surcharges.
“Together with ACI, we are offering higher education institutions and students a customized payment solution focused on speed, cost, visibility, integration and compliance,” said Arif Harji, Chief Market Strategist at MTFX Group. “PayMyTuition offers students and schools complete visibility of the payment process at significantly better currency exchange rates than banks and competitors.”
“As globalization continues to take place, more international students continue to invest in North American educational institutions, making it necessary for colleges and universities to adapt their payment processes to suit international student requirements,” said Andrew Sajeski, Business Leader, Biller Solutions at ACI Worldwide. “With MTFX, we are providing a superior bill payment experience at a lower cost to colleges and universities and their international students.”
More than 300 higher education institutions trust ACI Worldwide for improving student satisfaction and payment security with its college commerce systems. On average, higher education institutions report a 24 percent increase in student satisfaction after partnering with ACI Worldwide, according to independent third-party research.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises or through ACI’s private cloud, we provide real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange and global payments solution provider with a track record of 23+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. Last year MTFX Group processed over 10 billion in currency exchange across 220+ countries in over 120 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 visit www.paymytuition.com