PayMyTuition now incorporates Open Banking

Wednesday 17 March 2021 12:13 CET | News

PayMyTuition, a provider of technology-driven payment processing solutions, has incorporated Open Banking into its solution for international payment plans. 

This launch will help educational institutions to validate student banking information and account balance status in real time.

PayMyTuition's Open Banking solution for international payment plans utilises a financial data API so that both student data and funds availability will be rapidly authenticated for schools. Combined with biometric verification technologies, institutions will have the tools for payment processing security, identity authorisation, and fraud protection. 

The payment plan solution will offer financial institutions instant account authentication. Institutions can now verify students' identities, instantly matching payments to student accounts. 

This solution also provides students the ability to create personalised payment scheduling for course registration due dates, tuition fee deadlines, and monthly ongoing expenses, giving students the ability to set up automatic payment withdrawals within their student portal.

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Keywords: Open Banking, API, instant payments, payment processing
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech

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