Travelex Acquisition Strengthens University Payments Function
Oct. 20, 2011
Travelex Global Business Payments has acquired Pay 24-7, an online payments technology used by leading universities and higher education institutions in the U.K., North America, Europe and Asia to reduce banking and administrative costs associated with collecting fees from overseas students. Travelex already provides custom payment solutions to more than 300 universities globally and said the integration with Pay 24-7 will enable more universities to receive overseas’ students payments within 24 hours using Travelex’s GEO network. “Pay 24-7 specialist online payments technology enables Travelex Global Business Payments to offer universities a streamlined payments process that helps to ensure that its students’ transition from their home countries to their chosen university is stress free,” comments David Sear Divisional Managing Director of Travelex Global Business Payments. “It also simplifies the process for university departments, with a view to lowering administrative overheads and reducing the number of errors that manual processes often introduce.” According to a recent study by U.K.-based UNITE Group, the number of international students in the U.S. has increased 3 percent to 690,923 during the 2009-10 academic year.