Fintech innovation offers universities a game-changing solution in
reconciliation, improved student experience
LONDON--(BUSINESS WIRE)--
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 Money20/20 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 Money20/20 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 to
better meet the needs of international students and 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.
About Western Union
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 March 31, 2017, 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 150,000 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. For more information, visit www.westernunion.com.
WU-G
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Source: The Western Union Company