Travelex Global Business Payments, the international payments specialist, has announced the acquisition of Pay 24-7, online payments technology used by leading universities and higher education institutions in the UK, North America, Europe and Asia. The online payments technology is specifically designed to reduce the banking and the administrative cost associated with collecting fees from overseas students and enables a speedier payments process for both the student and university.
University bursar's offices have been struggling to administrate the numbers of international students flocking to study in the US. According to recent statistics, the number of international students in the United States has increased by 3% to 690,923 during the 2009/10 academic year.
The acquisition of the specialist online payments technology strengthens Travelex Global Business Payments' position in a sector where it already provides custom payment solutions to more than 300 universities globally. Travelex estimates that the Pay 24-7 platform technology will save the average university around $80,000 a year in fee processing costs alone.