Western Union Enables Acceptance of Indian Rupee Tuition Payments for Participating Universities
17 7월 2012 - 9:00PM
Business Wire
Western Union Business Solutions, a unit of The Western Union
Company (NYSE:WU), today announced that it is enabling
participating universities to accept international students’
tuition payments and fees in Indian rupees (INR).
The service, available via a strategic agreement with India’s
premiere ICICI Bank, will facilitate the processing of foreign
tuition invoices and student fees directly via students’ home
country bank accounts. It will initially be available to
participating universities in the United States and Canada and will
roll out to additional markets in the coming months.
“This service will allow for the fast and reliable delivery of
funds to universities, along with streamlined reconciliation and
full student reference information,” said Raj Agrawal, President,
Western Union Business Solutions. “We have a strong track record
working with higher-education clients to ease the processing of
cross-border payments.”
"Western Union Business Solutions' steps to enable local
currency payments, including the Indian rupee, will significantly
reduce the expense and effort necessary for our students to make
their tuition payments," said Peter Tom, Director of the Cashier's
Office at the University of Southern California. "It will reduce
our administrative costs, a savings we are passing on to our
students by waiving fees for wire transfers made using WUBS. We
applaud this innovation and know our students will appreciate
the convenience and cost savings."
According to the Institute for International Education’s Open
Doors report, students from India make up 14 percent of the
international student population in the U.S. In 2010/11 there were
103,895 students from India studying in the United States.
Citizenship and Immigration Canada (CIC) also reports that the
number of Indian students granted visas to study in Canada saw a
steep increase in the recent past. By the end of 2010, the number
of student visas that CIC issued to Indian students had tripled
over 2008 levels.
Western Union Business Solutions works with global technology
experts, including Higher One, to fuse its core foreign-exchange
expertise and global reach with the knowledge of software
developers who specialize in the education sector. The service for
student tuition and fees such as meal plans and residence halls is
fully integrated into the university’s website. Students register
their names, their student identifications and the amount they wish
to pay. Western Union Business Solutions displays a price in Indian
rupees, with the exchange rate locked in. The student prints out
the form and processes the payment through a participating ICICI
bank location within 3 days.
Western Union Business Solutions enables businesses,
colleges and universities of all sizes to send and receive
international payments and manage foreign exchange in more than 135
currencies, creating unique solutions tailored to suit their FX
needs. Institutions are supported by a network of trading offices,
strategic banking relationships and a global clearing network.
Universities use the cross-border payments service for
study-abroad programs, student refunds, and for professors or
recruiters traveling worldwide. For more information, visit
http://business.westernunion.com/industry/education/.
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
April 24, 2012, the Western Union, Vigo and Orlandi Valuta branded
services were offered through a combined network of approximately
500,000 agent locations in 200 countries and territories. In 2011,
The Western Union Company completed 226 million
consumer-to-consumer transactions worldwide, moving $81 billion of
principal between consumers, and 425 million business payments. For
more information, visit www.westernunion.com.
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