Jun 7, 2021: Int. Tuition Payments w/ PayMyTuition

Written by Dragos Cocosila

We have a lot to share this week as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.), a look at how Open Banking is making it easier for international students to pay for their education.

tuition

Our Current Coverage

  • • We track 2,867 banks providing Open Banking services! (+11 from last week!)

  • • 1,024 APIs currently tracked on our platform!

  • • 440 TPPs in the ecosystem!

  • • 88 Global markets covered! (+1)

  • • 35+ Open Banking API Aggregators!

  • • PSD2 API & PSD2 Open Banking coverage!

  • • Track over 60+ data points for all Open Banking projects!

And we are growing on a continuous basis... 🚀🚀🚀

Developments (June 1st to June 7th):

We initiated coverage and provided Open Banking API information for:

  • Avidia Bank: a mutual community bank headquartered in Hudson, Massachusetts and founded in 2007.

  • Banca March: offers solvency, strength, prudence, experience, co-investment and overall management.

  • Banco Europeo de Finanzas: offers the financing of public or private projects, loans, portfolio management, and other financial services.

  • East West Bank: is the largest independent bank headquartered in Southern California, United States.

  • Hang Seng Bank: is one of Hong Kong's leading public companies in terms of market capitalisation and is part of the HSBC Group.

  • • Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀

  • • And many more!

We continue to cover over 35 aggregators!


Open Banking Use Case Spotlight: International Tuition Payments w/ PayMyTuition

Many young people have the dream of studying abroad. It is an excellent opportunity to immerse oneself in a different culture, build an international CV, and is a great way to immigrate to the country of study. There are not many countries more welcoming of international students than Canada. In data available from a few years ago, about 19% of all students enrolled at Canadian post-secondary institutions were considered to be ‘international.’

With so many international students, one would have to wonder if there is a system set up expressly to help them pay their overseas tuition. Until recently, they had to rely on the traditional money wiring procedures that have many opportunities for human errors to occur, which can delay the payments getting to the schools and cause problems for the students that are already overseas.

Since the introduction of Open Banking, companies like PayMyTuition are employing this technology to give schools real-time data about the student trying to submit a payment and adding rich data to each transaction to eliminate many opportunities for errors in the incumbent system. In addition, since Open Banking payments happen at the account level, the student’s ID is correctly identified by the university receiving the money through their banking service provider when the payment request gets generated. Consequently, the payment gets processed in real-time, without the use of multiple intermediaries. Thus, cutting costs and significantly improving efficiency for the student and their overseas university.

The takeaway:

Open Banking is making it easier than ever to make international payments. Seeing companies like PayMyTution develop niche categories of the payments space, like international tuition payments, is an excellent showcase of the wide-ranging positive effects that Open Banking has brought to the fintech space. We are looking forward to seeing how this technology can simplify consumers' lives and make the world a more interconnected place.


Feedback

Please feel free to email us back with any coverage or data requests to implement or improve our current data set! We are a customer centric provider and want to make sure our users are as satisfied as can be!

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Have a great week and stay safe!

The Banq team

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