Rapyd, a global Fintech as a Service company, announced today a partnership with PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, that expands PayMyTuition’s ability to accept payments via bank transfers from several countries in Latin America and Asia Pacific through Rapyd’s platform, using a single API integration.
The partnership will allow users in Latin America and APAC to quickly and easily transfer funds to over 600 universities in the United States and Canada, expediting settlement of tuition and fee payments to educational institutions for seamless enrollment of international students.
“We are thrilled that PayMyTuition has selected Rapyd to further expand their payments technology across Latin America and APAC and we are very excited to partner with such a forward thinking and technology driven company as we expand our strategic partnerships into the education services industry,” said Vinay Shiriwastaw, Head of Sales for the Americas at Rapyd. “We’re confident that our in-depth local expertise and broad network reach will help accelerate PayMyTuitions’ global facilitation of tuition payments for international students whether online or on-campus.”
Rapyd’s expertise in global cross-border and local payments will expand PayMyTuition’s presence in these regions by providing immediate access to a large network of banks in several countries in Latin America and Asia Pacific, increase cost efficiencies and provide the ability to collect funds in local currencies while settling in the US. The services offered via the Rapyd Collect platform will be launched in Latin America with countries including Mexico, Argentina, Colombia, among others and with plans to expand into Vietnam, Malaysia, Indonesia, the Philippines and additional countries in the APAC region, where the demand for tuition remittance services into the US is growing significantly.
“We are excited to partner with Rapyd in order to expand our presence, in both LATAM and APAC, to deliver fast, reliable tuition payments to educational institutions across North America, growing our presence even further around the globe,” said Arif Hariji, Chief Market Strategist at MTFX Group. “This partnership supports our company’s overall initiative to ensure the delivery of best in class local experiences for our customers looking to send international tuition payments abroad, while ensuring the transactions are fast, secure, and cost-efficient.”
The Rapyd Collect platform enables companies to reach billions of consumers who prefer to transact with local payment methods such as ewallets, local cards, bank transfers and cash. Rapyd Collect bypasses legacy collection platforms through one API that works easily with over 900+ local payment methods in 100+ countries. The platform removes the complexities of local payments while streamlining operations from one platform and a single, integrated view of reconciliation, reporting, and funds settlement in 65+ currencies.