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Science & Technology

Students can verify tuition payments with biometrics?

May 26, 2020

This innovation aims to boost security and fraud protection of tuition payments

PayMyTuition

Students can verify tuition payments with biometrics. Source:?unsplash.com

PayMyTuition, a part of MTFX Group, has added new biometrics facial recognition technology to enhance cross-border tuition payment security.

According to a statement, data leaks are becoming more frequent and bigger in scale. This way, the company considers biometric verification as a reliable way to verify someone’s identity and prevent hacker attacks.

PayMyTuition allows educational institutions to integrate this technology into their existing channels.

Utilizing biometric verification technology to identify senders and beneficiaries is a unique and highly secure way to verify individuals and prevent fraud in payment transactions across borders. PayMyTuition’s biometric facial recognition technology provides educational institutions with a next-generation solution for their KYC transaction screening for the first time. We know that now more than ever we need heightened security measures when it comes to our institutions accepting funds overseas and this technology provides a streamlined experience for the student while ensuring our partners are protected when accepting and processing international payments
Arif Harji, Chief Market Strategist at MTFX Group 

Besides, those institutions will receive large and complete amounts of rich data. It includes student information and payment statuses, of which they didn’t have visibility before, making end-to-end payment transactions easy and transparent.

What is more, PayMyTuition’s new solution can be integrated into most student information systems including Banner, Colleague, PeopleSoft, Workday, and Jenzabar.

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