PayMyTuition Develops Innovative Financial Position Detection Technology for Student Tuition Payments
TORONTO and JERSEY CITY, NJ, April 20, 2021 / PRNewswire / – PayMyTuition, a leading provider of technology-driven global tuition payment processing solutions, today announced the launch of its innovative technology for tracing financial positions for tuition payment for student institutions. This technology, which complements Payment Wheel’s innovative offering, allows educational institutions to validate student bank details and account balance status in real time, removing the friction that currently exists in traditional ways of processing student payments.
“This innovative financial position tracking technology, built by our affiliate 360 cube Technologies, enables colleges and universities to validate student information in real time while identifying student account availability, eliminating instances of insufficient cash payments” , said Arif Harji, Director, Chief Market Strategist at MTFX Group. “This solution will provide educational institutions with a seamless payment experience for students with the ability to use ACH payments in the US and pre-authorized charges in the Canadian market to support both one-time and ongoing automated payment scheduling.”
Using technology to detect financial positions to pay college tuition fees is yet another game changer that PayMyTuition is bringing to higher education. Financial position detection technology, incorporating elements of open banking, allows institutions to create a highly efficient payment process with instant account authentication for a more seamless and secure payment experience. It protects schools and students from overdrafts and NSF fees with real-time money verification and balance checks before a transfer can be initiated. Institutions can now verify students ‘identities and instantly link payments to students’ accounts, removing any manual intervention that the school’s finance department staff would normally have to do.
This solution uses a financial data API so that both student data and fund availability are instantly verified for schools, making for faster and easier tuition and fee payment transactions. Coupled with biometric authentication technologies, institutions will be provided with enhanced payment processing security, identity authorization, and fraud protection, providing both the school and the student with payment security and peace of mind.
PayMyTuition is focused on putting technology first and continues to bring innovative solutions to market to support partner institutions in an ever-changing student payment landscape. PayMyTuition’s financial position detection technology integrates seamlessly, through the real-time API, into most student information systems, including Banner, Colleague, PeopleSoft, Workday and Jenzabar.
Visit www.paymytuition.com for more information.