FinTech Leader Transact Campus Expands International Payments Solutions
Juniper Research Study Shows Demand for Cross-Border and Global Payments Grew By 30%
PHOENIX–(BUSINESS WIRE)–Transact Campus (“Transact”), the award-winning leader in innovative mobile credential and payment solutions for a connected campus, today announced an update to their International Payments solution that provides transparent payment tracking, rate details, and real-time account balance updates. The solution for international students, launched in October 2021, is embedded in the student portal within the Transact platform.
Transact International Payments enables students from 162 countries to easily engage with the platform. The system update, which can accept and reconcile with 134 currencies, provides faster disbursements with no additional cost when added to the ePayment or eMarket modules on the Transact Integrated Payments platform. With this service enhancement, payments are processed directly from the student account portal with no international wire or bank transfer fees.
Since the international platform launched, Transact has signed more than 175 colleges and universities. The first schools went live in May 2022.
“Our clients identified the need for a streamlined International Payments solution,” said Nancy Langer, CEO, Transact. “Responding to that client need is the main reason we focused on developing a way to add this feature to our campus payment systems. All Transact solutions are built with students in mind, and with International Payments, we also recognize the diversity of students on today’s college campuses, and help college administrators provide the same seamless user experience for all their student groups. That’s what sets us apart from our competitors.”
The benefits of using Transact International Payments solution include:
- Competitive global exchange rates with no international wire fees or bank transfer fees
- Multiple payment options including Alipay, WeChat, and UnionPay
- 24/7 multilingual client support
- One seamless payment platform accessible from the student account portal
“The process of adding International Payments to the Transact Integrated Payments platform provided important insight into how students are using it, allowing us to continually enhance the solution,” said Peter Scharnell, Head of Integrated Payments Product Management, Transact. “These enhancements contributed to the development of a robust product that enables seamless international payments, a feature that can even influence a foreign student’s decision to attend a university.”
The growth of the Transact International Payments solution comes on the heels of several groundbreaking Transact achievements. Most recently, Transact Mobile Credential reached an impressive milestone of 120 million contactless mobile wallet transactions by students using the platform. In addition, over 700,000 students have added its NFC-enabled Mobile Credential to their mobile wallet, which means that they can make purchases and also securely access dorms and classrooms with just a tap of their mobile device.
Transact continues to innovate, focusing on providing one connected campus experience for students. Additional Transact solutions include Transact IDX, our next-generation cloud transaction system, and Transact One, an integrated, cloud-native, and mobile-first ecosystem that successfully brings all Transact solutions together under one, integrated platform.
Transact is the leader in innovative payment and mobile credential solutions for a connected campus. Its highly configurable, mobile-centric campus technology ecosystem simplifies the student experience across the full spectrum of student life. Transact’s offerings include integrated solutions for tuition and other student expense payments, multi-purpose campus IDs, and campus commerce. With a long-standing reputation in the education community, Transact proudly serves more than 12 million students across 1,750 client institutions. Its fintech solutions facilitate $45 billion in payments annually and have enabled more than 120 million contactless mobile wallet transactions and $200 million in mobile orders in less than three years. For more information, visit www.transactcampus.com.
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