Western Union Business Solutions, a unit of The Western Union Company earmarked a deal with ICICI Bank, in accordance the payment processor will accept international students? tuition payments and fees in Indian rupees (INR) for participating universities.
The alliance will prepare a new and easy channel for payment processing pertaining to foreign tuition invoices and student fees directly through students' home country bank accounts.
Initially, the deal will facilitate the payment processing for participating universities in the US and Canada and will be made available to other markets in the coming months.
Western Union Business Solutions president Raj Agrawal said the new service will allow for fast and reliable delivery of funds to universities, along with streamlined reconciliation and full student reference information.
University of Southern California director of the cashier's office Peter Tom said, "It will reduce our administrative costs, a savings we are passing on to our students by waiving fees for wire transfers made using WUBS. We applaud this innovation and know our students will appreciate the convenience and cost savings."
The Institute for International Education's Open Doors report underlines that in the whole international student population in the US, India represents 14% and during the academic year 2010-11, a total of 103,895 students from India were studying in the US.
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