Indian private sector lender ICICI Bank has partnered with Australian banking group Westpac to enable local students make online payments to an Australian university any time.
Under the collaboration, Indian students can utilise ICICI Bank’s ‘Money2World’ (M2W) platform to initiate an online remittance and make fee payments at a fixed exchange rate to La Trobe University, an institution in Australia.
The Indian lender also intends to team up with other Australian universities and colleges in the future.
The process, which involves integration of the M2W platform with Westpac’s banking and reconciliation solution for institutions called PaymentsPlus, is expected to shorten the time taken for fee transfer.
Additionally, the student as well as the university can track the transaction with a unique reference number provided to them.
The student needs to login onto the university website, which will be redirected to the ICICI Bank M2W page to pay the fees.
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The university’s bank account details get pre-filled, enabling students to transfer funds from any bank in India.
Subsequently, ICICI Bank sends the payment to Westpac with the respective student details and unique reference number. Westpac, then, sends the money to the university with the necessary details.
ICICI Bank executive director Vijay Chandok said: “Overseas education remittance is nearly a third of the country’s overall outward remittance and Australia is one of the largest recipients. It has been our constant endeavour to simplify student payment solutions by leveraging on technology and global partnerships.
“We are delighted to partner with Westpac Banking Corporation and La Trobe University to completely digitise fee payments for students and provide them with end-to-end tracking of the transactions.”