Fintech innovation offers universities a game-changing solution in reconciliation, improved student experience
The Western Union Company (NYSE: WU), a leader in global payments services, today announces the launch of its enhanced WU® GlobalPay for Students product, which enables academic institutions to more efficiently reconcile, refund and track payments from international students. The platform is designed to help universities and colleges around the world simplify the reconciliation of incoming international payments, which can be a complex and time-consuming process.
Western Union made the announcement at Money 2020 in Copenhagen where three of its leading executives are speaking this week on WU’s role as a participant and enabler of the fintech movement transforming financial services and how it continues to drive innovation in the international payments digital world.
Speaking at the Money 2020 conference in Copenhagen, Kerry Agiasotis, Chief Payments Officer, Western Union, said: “This release of WU GlobalPay for Students is a real testament of WU’s capabilities and shifting orientation as a fintech organisation. 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 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.”
Designed with an intuitive mobile-first user interface and real-time payment tracking capabilities, GlobalPay for Students was developed with the involvement of international students to help improve the overall payer experience. In addition to online bank transfer and credit card payments, the enhanced platform offers users a wide range of online payment options in over 30 countries, including Geoswift (Unionpay, Tenpay & AliPay), POLIpayments, India Net Banking, Trustly and SOFORT.
Other updates include a new reporting dashboard so clients can view payment activity at-a-glance, a fully-automated refund process that will help streamline processes for clients and payment tracking that gives payers complete visibility on the status of their payment.
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of December 31, 2016, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 550,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to billions of accounts. In 2016, The Western Union Company completed 268 million consumer-to-consumer transactions worldwide, moving $80 billion of principal between consumers, and 523 million business payments.