TORONTO and JERSEY CITY, N.J., Sept. 15, 2020 /PRNewswire/ -- PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, announced today the launch of its latest innovation: an international vendor management module for education institutions. With this solution, the company is solving the costly and highly complex challenge of managing international business payments in an all-in-one seamless solution that will have direct integration into a school's ERP system.
"Making international payments is a challenging and time-consuming process and, in this day and age, the risk of market volatility can increase costs and absorb resources that educational institution partners cannot afford to allocate," said Lucas Laracy, Director of Sales at PayMyTuition. "Our innovative vendor management module will enable institutions access to a suite of international payment solutions that are directly integrated into their ERP and A/P systems. These solutions will effectively manage schools' multi-currency accounting requirements, allow them to invoice and pay suppliers in alternative and vendor-preferred payment methods, and eliminate the need for AP reconciliation, streamlining their international business payment processes."
PayMyTuition's innovative vendor payments module allows educational institutions to optimize their payment processing methods through limiting payment returns and investigations by improving the efficiency of collecting payee banking details. The solution provides account payable automation that effectively manages all vendor account information and utilizes machine learning and biometrics for compliance checks and identity verification, protecting institutions from payment risk, all in real time. This next-generation technology will help institutions to reduce costs, prevent errors and improve overall speed with the ability of fund settlement to international merchants in less than 24 hours.
"PayMyTuition's international vendor module has been a game-changer for managing our international payments business. Traditional methods create gaps in the payments process, leaving our staff to take on added responsibilities including manual reconciliation, which create delays in the availability of funds to our international business partners," said Scott Salzman, Bursar, The University of Dallas. "This innovative module removes these challenges and has unique features like automatic compliance checks on all merchants, allowing us to better manage cash flow and protect ourselves from market volatility in one simple, easy-to-use system."
PayMyTuition's vendor payment module is an industry first and can be seamlessly integrated, by way of its real-time API, into most student information systems including Banner, Colleague, PeopleSoft, Workday and Jenzabar.
The company is expanding rapidly, with plans to enable multiple educational institutions across North America with this innovative vendor management module in the next 60 days.
For more information, visit www.paymytuition.com.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange and global payments solution provider with a track record of 23+ years, facilitating payments for over 8,000 corporate and institutional clients across North America.