Fintech-as-a-service (FaaS) company Rapyd has forged a partnership with payments processor PayMyTuition to help students make international tuition payments in minutes.
The partnership expands PayMyTuition’s ability to accept bank transfers from Latin America (LATAM) and Asia Pacific (APAC) markets.
PayMyTuition aims to expand its presence in these regions by leveraging the Rapyd’s expertise in global cross-border and local payments
PayMyTuition is the part of foreign exchange and global payments solution provider MTFX Group.
MTFX Group chief market strategist Arif Hariji said: “We are excited to partner with Rapyd in order to expand our presence, in both LATAM and APAC, to deliver fast, reliable tuition payments to educational institutions across North America, growing our presence even further around the globe.”
Using single API integration, Rapyd’s Collect platform will help its users in the said regions to quickly transfer money to over 600 universities in the US and Canada.
The platform enables companies to allow their customers to use e-wallets, local cards, bank transfers, and cash to make payments.
Its single API works with more than 900 payment methods in over 100 countries and 65 currencies.
This payment service helps to expedite tuition fee settlement and enrolment of international students.
Rapyd head of sales Vinay Shiriwastaw said: “We’re confident that our in-depth local expertise and broad network reach will help accelerate PayMyTuitions’ global facilitation of tuition payments for international students whether online or on-campus.”
As per the agreement, the Rapyd Collect platform services will be rolled out in Mexico, Argentina, Colombia, among others with plans to expand into Vietnam, Malaysia, Indonesia, and the Philippines.