PHOENIX–(BUSINESS WIRE)–Transact Campus (“Transact”), the award-winning leader in innovative mobile credential and payment solutions for a connected campus, today announced an update to its International Payments solution that provides transparent payment tracking, pricing details and real-time account balance updates. The solution for international students, launched in October 2021, is embedded in the student portal in the Transact platform.
Transact International Payments enables students from 162 countries to easily engage with the platform. The system update, which can accept and reconcile 134 currencies, provides faster payouts at no additional cost when added to the ePayment or eMarket modules of the Transact Integrated Payments platform. With this service improvement, payments are processed directly from the student account portal without international bank transfer fees.
Since the international platform was launched, Transact has signed more than 175 colleges and universities. The first schools went live in May 2022.
“Our customers identified the need for a streamlined solution for international payments,” said Nancy Langer, CEO of Transact. “Responding to customer needs is the main reason we focused on developing a way to add this feature to our campus payment systems. All Transact solutions are built with students in mind, and with international payments we also recognize the diversity of students on today’s colleges, helping college administrators provide the same seamless user experience for all their student populations. That’s what sets us apart from our competitors.”
The benefits of using Transact International Payments solution include:
-
Competitive global exchange rates with no international transfer fees or wire transfer fees
-
Multiple payment options including Alipay, WeChat and UnionPay
-
24/7 multilingual customer support
-
One seamless payment platform available from the student account portal
“The process of adding international payments to the Transact Integrated Payments platform provided important insights into how students use it, allowing us to continually improve the solution,” said Peter Scharnell, Head of Integrated Payments Product Management, Transact. “These improvements contributed to the development of a robust product that enables seamless international payments, a feature that can even influence a foreign student’s decision to attend a university.”
The growth of the Transact International Payments solution comes on the heels of several ground-breaking Transact achievements. Most recently, Transact Mobile Credential reached an impressive milestone of 120 million contactless mobile wallet transactions by students using the platform. In addition, over 700,000 students have added NFC-enabled mobile credentials to their mobile wallet, meaning they can make purchases and also securely access dormitories and classrooms with just a tap of their mobile device.
Transact continues to innovate, focusing on providing a connected campus experience for students. Additional Transact solutions include Transact IDX, our next-generation cloud transaction system, and Transact One, an integrated, cloud-based and mobile-first ecosystem that successfully brings together all Transact solutions under one integrated platform.
About Transact
Transact is a leader in innovative payment and mobile credential solutions for a connected campus. The highly configurable, mobile-centric campus technology ecosystem simplifies the student experience across the spectrum of student life. Transact’s offerings include integrated solutions for tuition and other student expenses, multi-purpose campus IDs and campus commerce. With a long-standing reputation in the education community, Transact proudly serves more than 12 million students across 1,750 client institutions. Its fintech solutions facilitate $45 billion in payments annually and have enabled more than 120 million contactless mobile wallet transactions and $200 million in mobile orders in less than three years. For more information, visit www.transactcampus.com.
