PayMyTuition Develops Innovative Open Banking eBill and eStatement Capabilities for Educational Institutions

TORONTO, April 12, 2022 (Newswire.com) - PayMyTuition, a leading provider of technology-driven payment processing solutions for tuition management and campus commerce, announced today the launch of their innovative eBill and eStatement solution for the higher education category incorporating open banking and request to pay technologies. This launch will equip colleges and universities with a new contactless way to produce and process bills and statements so that payments can be applied faster, safely, and more securely for their student community, while at the same time, prioritizing the savings of institutions' time and money.

"When it comes down to it, sticking to the traditional ways of producing student statements and bills for education institutions is expensive, puts pressure on institutions cash flow, and adds friction within the reconciliation process, putting a lot of manual strain on school staff," stated Arif Harji, Chief Market Strategist, MTFX Group. "Our innovative solution for eBills and eStatements powered by open banking technologies will provide schools with instant bill and statement delivery capabilities along with enabling request to pay functionality, allowing schools to experience quick payment settlement eliminating additional processing fees that would traditionally occur with other methods."

PayMyTuition's solution for eBill and eStatements with request to pay functionality will provide significant efficiencies for educational institutions, allowing for better payments tracking and data transparency, eliminating student data gaps and instances of failed or delayed payments due to missing information, while at the same time, eliminating any need for manual intervention of payment matching for incoming payments from financial services staff.

This next-generation solution powered by open banking technologies will enable institutions to instantly notify and send payment requests to students, by way of email and SMS alerts, of any upcoming bills while simultaneously providing students the ability to create personalized payment scheduling for course registration due dates, tuition fee deadlines, and monthly ongoing expenses directly within their student account. Students can set up automatic payment withdrawals to keep them on track with payment commitments and remove any additional fees that would arise from late payments. All student statements and information are automatically stored and updated in real-time within their student account to be accessed by the student or the school anytime. 

PayMyTuition's eBill and eStatement solution with request to pay functionality is compatible with most student information systems (SIS) including ellucian Banner, ellucian Colleague, PeopleSoft, Oracle and SAP among others, and provides seamless integration through a financial API directly into institutions SIS. With this solution colleges and universities can experience reduced costs, data transparency and the ability to offer an enhanced user experience that students are demanding from them.

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Source: PayMyTuition