Global payments service Western Union has launched a new payment platform for universities and other international education institutions featuring new elements to facilitate collecting and managing funds from overseas students.
News and business analysis for Professionals in International Education
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Western Union’s new payment system for sector
The new GEO Education platform includes new security features, a more efficient reconciliation process for student payments, and uses 24-hour online payments technology to reduce the costs associated with collecting international fees.
It offers connectivity through SWIFT as well as through its own unique network of domestic clearing in over 18 countries and 140 currencies.
“The University of Edinburgh is one of our bigger clients and has kindly agreed to be the first university to have the new platform. It’s an upgrade of an existing product; it’s better looking and has better functionality,” Cath Cullen, Head of education solutions for Western Union Business Solutions, told The PIE News.
In partnership with the University of Edinburgh, the GEO Education payments service marks the first launch for Western Union combined with Travelex Global Business Payments after it acquired the company last November.
In addition, Western Union has announced the Western Union GEO Fund which offers £1,000 every year to UK client subscribed to the new platform for financial support to international students. The recipients will be decided by the universities themselves, and the money will go towards the cost of the students’ tuition fees or to assist those in situations of financial hardship.
“We’re opening new markets on a monthly basis”
“We wanted to give something back as well. Western Union are quite socially responsible and we’re very dedicated to the education sector. It seemed like a good idea to roll out the fund with the GEO platform launch. So every client we have is eligible to receive the funds,” said Cullen.
Despite stricter visa regulation and increased fees, Cullen is positive that international interest in UK education will continue. “International students will always be coming to the UK. The need is there because people do want.. a multicultural experience,” she said.
Across the education sector, Western Union works with over 300 institutions globally offering services from outgoing payments, treasury management and dynamic currency conversation in the UK and Australia.
The UK represents its biggest market with over 100 accounts, but Cullen says she expects to see positive expansion in Europe.
“We can see an awful lot of growth particularly in Europe as we’re opening new markets on a monthly basis.”
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