Western Union Business Solutions plans to expand its partnership with ChinaPay, the online and mobile payments subsidiary of UnionPay, to enable participating universities and higher education institutions around the world to accept international tuition and student fees in the Chinese renminbi (RMB).
Western Union Business Solutions and ChinaPay intend to offer an integrated, co-branded platform that will allow universities to give incoming Chinese students and their parents the ability to make foreign tuition payments in their home country and currency. Combining ChinaPay’s online and mobile payment portals with Western Union Business Solutions’ integrated foreign exchange (FX) and payment platforms will enable fast fund reconciliation and will allow payers to have funds deducted from their UnionPay cards in real time.
“We are excited to be launching this collaboration with Western Union Business Solutions,” said Cathy Wang, vice general manager of ChinaPay. “International education is increasingly important for many in China. Western Union’s work to improve the speed and efficiency of cross-border payments for hundreds of universities and higher education institutions around the world make them an ideal partner that will give students and their families a reliable, convenient payment solution.”
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
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