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."