TORONTO, March 22, 2022 (Newswire.com) - PayMyTuition, a leading provider of technology-driven payment processing solutions for tuition management and campus commerce, announced today the launch of their innovative automated vendor management software for colleges and universities by way of their integrated partnership with Datasoft Global Technologies, a multinational software engineering firm delivering enterprise software solutions to the financial services sector. This launch, adding to their recent all-in-one solution offering, will protect the reputation and security measures of educational institutions limiting access to bad actors and restricted countries, while simultaneously streaming their total vendor payments process.
"The current pandemic and the ongoing geopolitical challenges that are being experienced worldwide have put pressure on educational institutions to ensure they have a sound vendor management and know your client (KYC) process in place to protect them from accepting or doing business with sanctioned individuals, groups, and countries globally," stated Lucas Laracy, Director of Sales, PayMyTuition. "This strategic integrated partnership with Datasoft Global Technologies allows us to bring an innovative and highly secure vendor management software offering to the higher education category for the first time."
With direct real-time integration into the school's student information systems, this innovative software will protect institutions from money laundering risk, fraudster attacks on large-sum transfers, regulatory fines and prevent any negative reputational impact from potential AML gaps and security breaches.
"We have been delivering enterprise software solutions to the financial services sector for over 15 years. Focusing on ERP system integrations, our technologies trace each and every payment transaction from start to finish, ensuring strict measures on AML compliance, fraud protection, and transaction security are in place," stated Jon Eckler, Chief Operating Officer, Datasoft Global Technologies. "The combination of our sophisticated KYC software and PayMyTuition's next-generation solutions for higher education will enable educational institutions to be fully protected while eliminating gaps and AML risk that schools are exposed to from traditional solutions."
This innovative solution provides schools with many advanced features including:
- Always on real-time account verification and account owner verification checks
- KYC, AML, PEP, and adverse media list screening
- Ensuring institutions remain compliant with AML, KYC regulations and industry standards within their jurisdiction
- Providing a completely personalize client onboarding and KYC process with a secure link sent to vendors to enter banking details eliminating hardcopy documentation requests
- Mitigation of fraud risks by leveraging identity verification, ID document verification and business verification
- Reduction of manual error risk with the removal of human intervention
This innovative solution from PayMyTuition can be seamlessly integrated, by way of real-time APIs, into most student information systems, including ellucian Banner, ellucian Colleague, PeopleSoft and numerous other leading student information systems.