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

More than 1.07 million international students attended universities in the United States last year and contributed nearly $45 billion to the U.S. economy. The new Transact International Payments solution will process payments from 162 countries and support more than 134 currencies. In designing this new service, Transact leveraged TransferMate’s globally regulated payments network to remove international wire fees and ensure institutions receive 100% of payments, faster and with the highest levels of security. For a world-class service experience, students and their sponsors also receive 24/7 multilingual support available via phone, text, Skype, and WeChat.

“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,” said Laura McLaughlin, executive vice president, Transact. “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 provide transparent payment tracking, rate details, and real-time account balance updates. Given the zero international wire fees, the amount billed will be the amount received. Finally, Transact International Payments supports bank transfer, credit cards, and alternate payment options, so students may select the international payments method of their choice.

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. 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.

“Our unrivalled licensing and banking networks are setting new standards of security, transparency and speed for student cross-border payments,” said Sinead Fitzmaurice, CEO of TransferMate Global Payments – a subsidiary of the Clune Tech Group. “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.”