TORONTO and JERSEY CITY, N.J., May 19, 2020 /PRNewswire/ -- PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, announced today its newest innovation to heighten the security and fraud protection of cross-border payments for educational institutions. Its new biometrics and facial recognition technology for transaction screening and data transparency will take its existing PayMyTuition international payment offering to the next level for processing tuition payments for colleges and universities.
"Utilizing biometric verification technology to identify senders and beneficiaries is a unique and highly secure way to verify individuals and prevent fraud in payment transactions across borders," said Arif Harji, Chief Market Strategist at MTFX Group. "PayMyTuition's biometric facial recognition technology provides educational institutions with a next-generation solution for their KYC transaction screening for the first time. We know that now more than ever we need heightened security measures when it comes to our institutions accepting funds overseas and this technology provides a streamlined experience for the student while ensuring our partners are protected when accepting and processing international payments."
Contactless transactions are becoming a major priority at a time when people all around the world are minimizing their contact with others outside their households to slow down the spread of the novel coronavirus.
Data breaches are becoming more frequent, bigger in scale and more sophisticated. Biometric verification is a highly secure way to verify someone's identity and prevent hacker attacks as it uniquely identifies users by evaluating one or more distinguishing biological traits.
Fortunately, PayMyTuition's biometric verification platform enables educational institutions to integrate this technology into their existing channels, rather than being forced to build this complex native technology themselves. This innovation provides them enhanced payment processing security with identity and beneficiary authorization and fraud protection, giving students and institutions payment safety and peace of mind.
This technology will provide institutions with large and complete amounts of rich data including student information and payment statuses, of which they did not have visibility on before, making end-to-end payment transactions simple and transparent.
PayMyTuition's biometric and facial recognition technology solution is an industry first and can be seamlessly integrated, by way of their real-time API, into most student information systems including Banner, Colleague, PeopleSoft, Workday and Jenzabar.
The company is rapidly expanding the use of this innovative technology with its vast client base, with plans to enable a multitude of educational institutions across North America in the next 60 days.
For more information, visit www.paymytuition.com.
About PayMyTuition by MTFX
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. MTFX has built its reputation on amazing people and great technology.
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.