- PayMyTuition has said that it will institute open banking tools, including application programming interfaces, into its tuition fee payment processing product – creating a number of benefits for users.
- Schools and colleges will be able to experience more efficiency in terms of payment processing and reconcile transactions more easily, while end users will be able to benefit from biometric verification services and other useful tools.
- A leading figure at the firm explained that the new tools had been crafted by the company’s affiliate, and said that payments will be more likely to go without a hitch in future.
A major provider of payment processing technology has confirmed that it will begin to use open banking as part of its college payment service.
PayMyTuition said that it will bring open banking tools, which allow developers to add new financial technology tools into existing systems, into its services.
The tools are based around an application programming interface (API), which brings together information on students and the availability of money.
This then speeds up the international money transfers process for the end users – both the school and the payer.
It also comes with biometric verification services, which help reduce the risk of fraud.
In terms of account management, the new tools will reduce the chances that a student (or those paying the student’s fees) will be forced into an overdraft.
It also permits the provider in question to offer account authentication services for improved customer experience.
One of the main benefits, however, is the increased efficiency.
Schools and colleges will find it even easier to link payments made to relevant student accounts, cutting down on processing times.
In a statement, a senior figure at MTFX Group, which owns PayMyTuition, said that both the end user and the school in question would benefit.
Arif Harji, director, chief market strategist at MTFX Group, also shared information on the organisation that built the new service on behalf of PayMyTuition.
“Incorporating open banking into our international student payment plans will take this solution to the next level for both student and institutions,” he said.
“We know that bringing this solution to our partners, built by our affiliate company 360 cube technologies, will allow students to have more flexibility and choice when it comes to their higher education,” he added.
He emphasised in particular the benefits of the system from the point of view of information verification.
“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,” he explained.
PayMyTuition said that its new service will be available for integration with student information management systems including Colleague and Banner.
PayMyTuition is based in Canada and has been in business since 1996.
It is registered with regulators in the country including FINTRAC and FinCEN.
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