- TRUE North will work alongside Western Union
- New offer will see 24-hour payment turnarounds
- “We are excited to integrate the Western Union GlobalPay for Students payment platform”, said TRUE North spokesperson
Major global payments provider Western Union has announced that it will pair up with an educational agency based in Canada to offer improved access to tuition fee payments services in the country.
The firm will work alongside TRUE North to deliver the service, which is expected to be much simpler than the options currently available.
According to a Western Union press release, the new offer will involve the power of the existing WU GlobalPay for Students tool.
It will mean that funds paid for by parents and other providers will go to the educational establishment more quickly and will prevent the problem of unexpected fees.
The new system will also give those authorising the payments an opportunity to make an assessment of the options on offer, and to find the most cost-effective exchange rate option for their needs.
In short, monies transferred via the new service are expected to arrive in the bank account of an educational establishment within 24 hours at the latest after transfer.
According to Roy Farah, who is vice president of sales for Canada, Western Union Business Solutions, the new step could “free up…resources” for institutions.
“We are proud to collaborate with TRUE North to integrate our payments solution into their platform”, he said.
“By simplifying payment tracking and reconciliation, TRUE North’s education institutions can free up valuable financial and administration resources.”
For TRUE North, co-founder Jason Schaad said the firm was “excited” about the development.
“We are excited to integrate the Western Union GlobalPay for Students payment platform”, he said.
“The integration will save valuable time for international agents, parents and students, as well as school boards across Canada.”
Those placing the transactions will be able to use a variety of payment methods, including more than 70 currencies.
Everything from in-country bank-to-bank transfer or credit card can be used for the transactions – and, crucially, no merchant fees will be applied.
The student market is one of the most popular for online money transfer services.
Not only do parents of international students want to ensure that their children have enough to live on, they also want to make sure that tuition fees get there in full and on time.
However, this development from Western Union and TRUE North just goes to show that there is another key stakeholder in this transaction – the educational institution.
By avoiding merchant fees and by designing a system which is friendly to the administration departments of colleges and universities, Western Union has cleverly ensured that all parties will be pleased with its offer.
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