Global payments services company Western Union recently announced the launch of its enhanced WU GlobalPay for Students product. The offering will enable academic institutions to better reconcile, refund and track payments from international students.
In a press release, Western Union said the platform aims to assist universities and colleges around the world with simplifying the reconciliation of incoming international payments, which is a complex and time-consuming process.
“This release of WU GlobalPay for Students is a real testament [to] WU’s capabilities and shifting orientation as a FinTech organization," said Kerry Agiasotis, chief payments officer at Western Union, at the Money 20/20 conference held in Copenhagen. "Staying focused on the needs of both our Education Institution customers and their international students, the product has been revamped to take advantage of substantial investments WU has made in new technologies."
The functionality of the WU GlobalPay for Students product will save end users time and money.
“The upgrade results in significant efficiencies for our Education Institution customers in more rapidly and cost-effectively processing international student receivables, whilst at the same time providing a modern, multi-channel user experience that is demanded by today’s digital consumers,” said Agiasotis.
The WU GlobalPay platform was designed with a mobile-first user interface and enables real-time payment tracking capabilities. Western Union said WU GlobalPay for Students was developed to better meet the needs of international students and to help improve the overall payer experience.
In addition to online bank transfer and credit card payments, the enhanced WU GlobalPay for Students platform offers a wide range of online payment options — including Geoswift, POLIpayments, India Net Banking, Trustly and SOFORT — available in more than 30 countries. Western Union said other updates include a new reporting dashboard to view payment activity at-a-glance, a fully-automated and streamlined refund process and payment tracking that gives users complete visibility on payment status.