Cashfree Payments, a leading provider of payment and API banking solutions, teamed with Jamboree, a prominent educational consultancy, to make fee payments easier for Indian students studying abroad. The collaboration makes use of Cashfree Payments’ cross-border payment technology, which automates and digitises the whole payment process, from KYC verification through payment collection to outward remittance. It does away with the necessity for actual bank visits, offline KYC filing and verification, and instead provides students with a convenient, rapid, cost-effective, and transparent payment experience.
With this collaboration, students can initiate transactions 24 hours a day, seven days a week, including weekends and holidays, giving them flexibility. It allows students to make remittances through the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS), which caters to a wide range of payment needs permitted by regulations, such as admission fees, education rental payments, student maintenance expenses, Guaranteed Investment Certificate (GIC) payments for students going to Canada, and blocked account payments for students going to Germany. Furthermore, it significantly cuts the FX mark-up, making transactions cheaper for Indian students. Students can also track the status of their transfer, from the stage of KYC verification to payment confirmation and remittance commencement to the stage of downloading SWIFT copy.
Jamboree may begin to expand the remittance service to students without any integration, and Jamboree can also cater to students who are unable to attend offline Jamboree branches. The collaboration has given Jamboree more power by making the entire payment process simpler, faster, and less expensive. Jamboree may offer education consultation and international fee payment under one roof with Cashfree Payments‘ cross border solution, without having to invest separately in establishing a digital stack. Jamboree may monitor its transactions through a transaction tracking dashboard thanks to Cashfree Payment’s cross-border service.
Jamboree may simply extend the remittance service to students without the requirement for integration, especially those who are unable to visit offline branches, using Cashfree Payments’ cross border payments solution. This collaboration has aided Jamboree by simplifying, speeding, and lowering the overall cost of the payment process. Jamboree may provide education consultation and facilitate foreign fee payments under one roof by utilising Cashfree Payments’ cross-border payment solution, eliminating the need for separate expenditures in establishing a software stack. It also allows Jamboree to monitor its transactions via a user-friendly transaction tracking dashboard.
Reeju Datta, Co-Founder, Cashfree Payments said, “We are excited to partner with Jamboree to simplify international fee payments for Indian students. Our cross-border payments solution aims to provide students with a seamless and convenient payment experience, eliminating the need for physical bank visits. By removing unnecessary hurdles and saving valuable time, this collaboration allows students to focus on their educational goals. This partnership represents a significant milestone in simplifying the payment process for international students and highlights our commitment to delivering convenience, security, and flexibility.”
Vineet Gupta, Managing Director, Jamboree said, “We are excited to join hands with Cashfree Payments to redefine how students pay their tuition fees to colleges abroad. This collaboration signifies a significant stride in our journey towards providing unparalleled services that cater to the evolving needs of our students who embark on international educational pursuits.”