February 9, 2021 – Toronto; Jersey City: PayMyTuition, a leading provider of technology-driven payment processing solutions for education payments, announced today that they are incorporating open banking within their innovative product suite of solutions for Canadian universities and colleges. This launch, adding to their Payment Wheel innovative suite of offerings, will enable educational institutions to validate student banking information and account balance status in real-time allowing them to automatically accept or deny a student payment request. This solution will create a highly efficient payments process saving both the student and institution time and money with the ability of instant settlement, while at the same time eliminating the impact of high interchange fees from traditional payment forms like credit cards and e-wallets.
“We are excited to be able to launch this innovative payments solution, built by our affiliate company 360 cube technologies, into the marketplace for Canadian institutions, filling a gap with real-time capabilities and removing inefficiencies that traditionally exist when schools receive payments without sufficient student data,” said Arif Harji, Director, Chief Market Strategist at MTFX Group. “This new solution will allow our partners to validate student information in real-time while simultaneously identifying fund availability with financial position detection technology removing instances of non-sufficient fund payments. This solution will equip educational institutions with the ability to offer students an enhanced user experience, eliminate interchange fees from using credit cards and e-wallets, and remove the friction that schools traditionally experience within identity verification and AR reconciliation processes.”
This innovative solution will enable educational institutions the ability to have direct connectivity, by way of PayMyTuition, to their corresponding bank so they can receive accurate and full student banking information along with a real-time status of their funds availability before any funds are transferred from the payer bank account. Through a financial data API, both student data and funds availability will be instantly authenticated for schools ensuring faster and easier tuition and fee payment transactions, keeping both the user experience and payment security in mind.
PayMyTuition’s real-time open banking solution will equip financial institutions with instant account authentication for a more seamless and secure payment experience. This solution will protect schools and students against overdraft and NSF fees with real-time funds verification and balance checks before any transfer can be initiated. Institutions can now verify students’ identities, instantly matching payments to student accounts, removing all manual intervention and reconsolidation that school finance department staff would traditionally have to do. This allows educational institutions to be proactive with their payments process, saving staff time and the institution money from processing fees.
This solution also provides students the ability to create personalized payment scheduling for course registration due dates, tuition fee deadlines, and monthly ongoing expenses, giving students the ability to set up automatic payment withdrawals within their student portal to keep them on track with payment commitments and remove any additional fees that would arise from late payments.
PayMyTuition is focused on putting technology first and continues to bring innovative solutions to the marketplace to support partner institutions within an ever-changing student payments landscape. PayMyTuition’s real-time open banking solution can be seamlessly integrated, by way of their real-time API, into most student information systems including: Banner, Colleague, PeopleSoft, Workday and Jenzabar.
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.