To reshape how schools handle global business payments, payment processing provider PayMyTuition has rolled out an international vendor management module. The technology takes on the task of handling international business payments with a complete offering that will directly connect with an educational institution’s enterprise resource planning (ERP) system, according to a Tuesday (Sept. 15) announcement.
Aiming to make the process of receiving payee banking information more efficient, the firm's technology enables schools to improve the way they process payments by keeping examinations and returns to a minimum. It also offers accounts payable (AP) automation that controls vendor account data, while harnessing biometrics and machine learning for the purposes of identity verification and compliance.
PayMyTuition says the infrastructure will assist schools in decreasing expenses, steering clear of mistakes and bolstering speed, with the capacity for fund settlement to global merchants in under a full day.
"Making international payments is a challenging and time-consuming process and, in this day and age, the risk of market volatility can increase costs and absorb resources that educational institution partners cannot afford to allocate," PayMyTuition Director of Sales Lucas Laracy said in the announcement. "Our innovative vendor management module will enable institutions access to a suite of international payment solutions that are directly integrated into their ERP and AP systems.”
PayMyTuition's vendor payment module, which the company described as an “industry first,” can be connected to many student information systems, such as PeopleSoft and Banner, with the help of a live application programming interface (API).
In separate supplier payments news, Nexus has launched an enhanced payments infrastructure to help real estate companies quickly get started with automated payments. The offering allows purchasers to install automated and online payments in a month or sooner. The new NexusPayments offering digitizes the connection between buyers and groups of suppliers, allowing them to quickly agree on digital payments and use a portal to keep track of them digitally.