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Western Union Partners TRUE North to Provide Tuition Payment

Zacks Equity Research

The Western Union Company’s WU unit, Western Union Business Solutions, has tied up with TRUE North, a multi-user, web-based system to manage the information tracking, reporting and collaborative needs of international education programs.

Through this collaboration, Western Union via its international payments solution, WU GlobalPay for Students, will integrate TRUE North’s technical expertise to enable students to pay tuition and expenses using a simplified payment process. This will allow easy transfer of funds on-time and in-full, without hidden charges to the educational institution.

WU GlobalPay for Students is an international payment platform that provides accessibility to students with which they can review the payment options in advance with a price comparison tool to lock-in exchange rates for up to 72 hours.

Moreover, students can make these transactions in local currency or the currency of their choice and can track their payment status via online portal, email, and text messagesWU GlobalPay also provides multiple payment methods including in-country bank-to-bank transfer, e-transfer, mobile e-wallets and credit cards. Users can pay with Visa Inc. V, Mastercard Inc. MA or UnionPay without educational institutions incurring merchant fees.

Western Union’s GlobalPay for Students provides tuition payment services through more than 700 education institutions worldwide, including over 90 Canadian institutions.

Recently, the Western Union Business Solution made a similar tie up with Temple University Japan Campus (TUJ) to simplify payments process for the students.

With more students opting for international universities, the need for a reliable and seamless service that can be used to pay tuition fees is on the rise. Western Union, with its global money transfer network and superior brand name, is poised to benefit from this increasing demand.

The expansion of this service will aid revenue growth at Western Union’s Business Solutions, which is a reliable payment provider, spreading across more than 200 countries and territories. After suffering from revenue declines for three years till 2018, the segment is now recovering driven by strong growth in Asia-Pacific and Europe. The company is taking additional steps to improve results going forward.   

Shares of this Zacks Rank #3 (Hold) company have gained 32.5% year to date, compared with the industry’s growth of 47%.

Notably, in the last trading session, the stock hit a 52-week high of $22.77. Its closest competitor, MoneyGram International Inc. MGI, has gained 135% during the same time frame. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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