TORONTO and JERSEY CITY, N.J., April 20, 2021 /PRNewswire/ -- PayMyTuition, a leading provider of technology-driven global payment processing solutions for tuition payments, announced today the launch of its innovative financial position detection technology for student tuition payments for educational institutions. This technology, adding to its Payment Wheel innovative suite of offerings, will enable educational institutions the ability to validate student banking information and account balance status in real time, removing the friction that currently exists in the traditional ways of processing student payments today.
"This innovative financial position detection technology, built by our affiliate company 360 cube technologies, will enable colleges and universities to validate student information in real time while simultaneously identifying student account fund availability, removing instances of non-sufficient fund payments," said Arif Harji, Director, Chief Market Strategist at MTFX Group. "This solution will equip educational institutions with a seamless payment experience for students with the option of utilizing ACH payments in the U.S. and pre-authorized debits in the Canadian market to support both one-time-only and ongoing automated payment scheduling."
Incorporating financial position detection technology for student tuition payments is yet another game changer that PayMyTuition is bringing to the higher education space. Financial position detection technology, incorporating elements of open banking, allows institutions to create a highly efficient payments process with instant account authentication for a more seamless and secure payment experience. It will protect schools and students against overdraft and NSF fees with real-time funds verification and balance checks before any transfer can be initiated. Institutions can now verify students' identities, instantly matching payments to student accounts, removing all manual intervention that school finance department staff would traditionally have to do.
This solution utilizes a financial data API so that both student data and funds availability will be instantly authenticated for schools, ensuring faster and easier tuition and fee payment transactions. Combined with biometric verification technologies, institutions will be enabled with enhanced payment processing security, identity authorization, and fraud protection, giving both the school and the student payment safety and peace of mind.
PayMyTuition is focused on putting technology first and continues to bring innovative solutions to the marketplace to support partner institutions within an ever-changing student payments landscape. PayMyTuition's financial position detection technology can be seamlessly integrated, by way of its real-time API, into most student information systems including Banner, Colleague, PeopleSoft, Workday and Jenzabar.