Australia-based NexPay lets study abroad students pay in local currencies, with the goal of making foreign exchange straightforward and cost-effective for students and schools, per an announcement released this month.
Before the partnership, NexPay’s payments systems “relied on batch-based processes, causing delays and customer dissatisfaction,” the announcement said.
Flagright, an anti-money laundering (AML) compliance and fraud prevention platform for FinTechs and banks, said in the announcement that its real-time transaction monitoring helped Nexpay speed student payment processing and ensure security. Flagright also improved Nexpay’s compliance via its sanctions screening capabilities.
“NexPay now offers a transparent and secure platform for international student payments, bolstering trust and simplifying financial transactions for students globally,” the announcement said.
In the United States, she said, “we’ve been talking for years about instant payments — and it’s been more of a ‘future’ concept.”
But with the debut of the FedNow® Service over the summer and the increased use of The Clearing House’s RTP® Network (which has been in place for six years), faster payments are becoming a “concept of now,” she said.
“I really do think 2024 will be the ‘point of acceleration’ for instant payments,” he said.
“Now that FedNow’s come on the scene,” Edwards added, more use cases are relevant. “The mainstream consumer expects instant payments … and [Ingo is] already seeing companies that were not all that interested before saying that ‘We need to talk about faster payments for next year.’”