Our client is an international payment platform that provides payment plans for Chinese students studying abroad. Our client connects students to thousands of education and student housing institutions worldwide, providing tailor-made payment plans in order to simplify the headache of international tuition fees.
Working with traditional payment platforms within their existing infrastructure, our client suffered from high manual processing costs, high overheads and fees, and less than ideal transaction speeds.
This led to poor outcomes for their student customers who were exposed to high transaction fees, delays in payments, and in some cases, incorrect payment amounts due to unexpected processing fees.
The client began working with Airwallex in 2017, opting for full integration with our FX and payments APIs, and immediately saw a reduction in their manual processing requirements.
End users of the online platform enjoyed much lower fees, and more timely delivery of their payments in full, reducing the stress and hassle these users can face when dealing with international payments. Customers can now focus on their education without worrying about complicated international transfers and unexpected fees.
Most importantly, access to our global payment network gave our client access to multiple new regions, expanding their horizons and unlocking previously unreachable markets.
The solution takes advantage of our FX and payments APIs to manage the conversion and delivery of funds from customers in China to beneficiary banks, schools, and accommodation services around the world.
Integration with the APIs ensures scalability while delivering a seamless customer experience.
Students make payments via our client's platform to be sent internationally.
Funds are forward to Airwallex to complete exchange using our powerful FX engine.
Airwallex makes payment to local accounts through our global clearing network.