Students from around the globe soon able to pay their tuition in local currencies directly from a bank account through wire transfer, or in cash at Agent locations
ENGLEWOOD, Colo., September 12, 2011 -- The Western Union Company (NYSE:WU), a leader in global payment services, today announced an agreement with TouchNet, a major commerce solutions provider to higher-education institutions, to develop new payment options for international students.
The agreement will enable international students to pay their tuition in local currencies directly from their bank accounts, and also add the option to pay in cash at participating Western Union® Agent locations around the world. Colleges and universities will benefit from fast and reliable delivery of funds, automatic posting of payments directly to student accounts, and streamlined reconciliation. TouchNet currently offers colleges and universities the ability to accept students’ tuition payments through its U.Commerce® System, a unified commerce management solution for Higher Education.
“We have seen a great need in the higher-education sector for cross-border payment options originating in the home countries of non-U.S. students,” said Raj Agrawal, President, Western Union Business Solutions. “Working with TouchNet to help bolster their payment portal allows us to offer higher-education institutions payment options that will better serve their widely diverse student bodies. By enabling these consumers to pay invoices in local currency and manage foreign-exchange transactions, we are able to provide an institution’s student population with choice, control, convenience and flexibility in how they make their payments – a goal we strive for in every payments program we administer.”
“The walk-in payment options will provide students and their families access to an extensive and convenient distribution network in over 160 countries and territories,” added Sanjay Gupta, Senior Vice President, Corporations and Banking, Western Union.
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. The Western Union, Vigo and Orlandi Valuta branded services are offered through a combined network of approximately 470,000 Agent locations in 200 countries and territories. In 2010, The Western Union Company completed 214 million consumer-to-consumer transactions worldwide, moving $76 billion of principal between consumers, and 405 million business payments. For more information, visit http://www.westernunion.com.
About TouchNet Information Systems, Inc.
TouchNet is a pioneer in delivering innovative payment solutions to Higher Education. Since 1989, colleges and universities have relied on TouchNet to unify and secure payment and related business transactions throughout the campus enterprise. Today, TouchNet offers institutions the industry’s broadest spectrum of commerce management solutions. TouchNet® U.Commerce™ systems help colleges and universities save, make and manage money better by delivering greater control over transactions, costs, compliance, operational efficiencies, and information access. TouchNet U.Commerce—it’s How Money Moves on Campus™. For more information, visit www.touchnet.com.
Media
Anna Alejo
720-332-3884
anna.alejo@westernunion.com
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Mike Salop
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mike.salop@westernunion.com
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