Transact, a Payments Solution Provider, Launches International Payments Offering for Universities

Transact, the payment solutions provider for a connected campus, announced the launch of its Transact International Payments offering that provides universities with an improved approach to accepting global currencies.

Through a partnership with TransferMate, a regulated payments infrastructure-as-a-service, Transact will aim to support the processing of global payments for students and universities.

Over 1.07 million international students attended universities in the US in 2020 and contributed around $45 billion to the American economy.

The new Transact International Payments solution will “process payments from 162 countries and support more than 134 currencies,” the announcement noted.

In developing this service, Transact leveraged TransferMate’s regulated payments network to “remove international wire fees and ensure institutions receive 100% of payments, faster and with the highest levels of security.”

As noted in a release, students and their sponsors also “receive 24/7 multilingual support available via phone, text, Skype, and WeChat.”

Laura McLaughlin, EVP at Transact, stated:

“Our active global mindset extends to our clients’ international students who need and deserve options that are familiar and secure as they make their tuition and non-tuition payments. To that end, this new international payments solution will provide schools with a fully integrated domestic and international solution to process cross-border funds securely and transparently.”

Embedded in the student payment portal, Transact International Payments will aim to offer transparent payment tracking, rate details, and real-time account balance updates.

Given the zero global wire fees, the amount billed will be “the amount received,” the update noted. Finally, Transact International Payments supports bank transfer, credit cards, and alternate payment options, “so students may select the international payments method of their choice.”

The announcement also mentioned that Transact International Payments provides “multiple benefits for the institution, as well.”

Advanced security features “safeguard student and authorized third-party funds with end-to-end payment tracking, professional indemnity insurance, website and data security and transaction screening,” the update noted.

Further, reconciliation and refunds are “simplified and managed centrally within Transact Payments back office, and overpayments are restricted as Transact International Payments enables users to transfer only what they need,” the update noted.

Sinead Fitzmaurice, CEO of TransferMate Global Payments – a subsidiary of the Clune Tech Group, remarked:

“Our unrivalled licensing and banking networks are setting new standards of security, transparency and speed for student cross-border payments. We are delighted to be partnering with Transact to complete the advanced capabilities of their new payments platform, helping them to eliminate the friction inherent in the processing of international student payments.”

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