Travelex Global Business Payments has acquired Pay 24-7.
Travelex Global Business Payments said it estimates that Pay
24-7 will save universities about £50,000 ($78,234) per year in fee
processing fees.
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Pay 24-7 is an online payments technology that universities
across the UK, North America, Asia and other parts of Europe use in
order to reduce the costs of collecting tuition fees from foreign
students. It also offers a faster payment process as well as fewer
administration costs.
Travelex Global Business Payments said that Pay 24-7 enables
universities to receive a payment within 24 hours via the Travelex
GEO network, which compromises 70 countries and 135 currencies.
For Travelex Global Business Payments, the acquisition of Pay
24-7 is another addition to its existing online payment processing
deals with more than 300 universities worldwide.
David Sear, divisional managing director of Travelex Global
Business Payments, said:
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By GlobalData“It simplifies the process for university departments, with a
view to lowering administrative overheads and reducing the number
of errors that manual processes often introduce.”
