From IndUS Business Journal:
Western Union Business Solutions, a unit of The Western Union Co., said it is enabling participating universities to accept international students’ tuition payments and fees in Indian rupees. 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 of 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.”
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.
From IndUS Business Journal
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