January 28th, 2021 – Toronto; New Jersey City: PayMyTuition, a leading provider of technology-driven global payment processing solutions for tuition payments, announced today the launch of their Interac bulk e-Transfer solution to eliminate complexities within the student payment process for Canadian educational institutions. This innovative solution will allow both universities and their students the simplicity of requesting and receiving funds for bursaries, student aid and refunds with full payment data and transfer transparency in less than 24 hours.
When a domestic student requests a tuition refund, is awarded a bursary, or applies for financial aid educational institutions undergo a large amount of paper pushing, data acquisition, and manual backend accounting updates and entries, all while incurring high processing fees to fulfill requests. Each process can last a tedious one to three weeks of processing to provide funds to the student.
“By way of our newly developed Interac bulk e-Transfer solution we can now enable colleges and universities to settle payment requests simply and easily in a matter of minutes, removing the friction that exists within the space today,” stated Lucas Laracy, Director of Sales at PayMyTuition. “This innovative solution creates new efficiencies for institutions and allows schools to have more control on their refund, bursary and student aid payments. Removing the manual reconciliation process for bursaries and student aid, along with eliminating the need for expensive, paper-based cheques for refunds, we are able to transform the reconciliation experience, alleviating a huge pain point for both institutions and their students.”
PayMyTuition’s Interac bulk e-Transfer solution integrates the entire domestic payment process into an all-in-one seamless solution through real-time APIs that are directly integrated into school’s student information and AP systems. This solution will reduce payment processing times, remove the manual and multi-journal accounting entries within AP systems, allowing settlement in minutes so students can get funds faster, safely, and securely, and save institutions money on overall processing fees.
This innovative solution provides institutions with an easy-to-use portal so they can easily track and view the status of payments and receive daily payment status reports to better manage cash flow. This solution allows schools to send payments to multiple recipients all at once with automatic AP reconciliation removing the need for manual intervention.
This solution leverages PayMyTuition’s deep knowledge and proven capabilities in fraud detection and prevention to help Canadian institutions manage their payments process with greater ease and confidence. When a refund, bursary or financial aid payment has been initialized, students are required to log directly into their student accounts to receive a one-time use passcode (OTP) to complete their Interac e-Transfer transaction. Once this is completed and the OTP has been used for the Interac e-Transfer, the passcode is no longer valid and the transfer is completed, sending the funds directly into student accounts for their individual access.
PayMyTuition’s Interac bulk e-Transfer module integrates the entire domestic payment process into an all-in-one seamless solution through their real-time APIs. This solution has integration availability for most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar.
The company has already integrated their domestic Interac bulk e-Transfer module into their vast customer base and plan on expanding their presence across Canada over the next sixty days.
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.