PayMyTuition adds biometric facial recognition to secure international tuition payments
Global payment processing provider PayMyTuition, part of the MTFX Group of companies, has added biometric facial recognition technology to boost security of international tuition payments and prevent fraud in the educational sector, the company announced.
“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,” said Arif Harji, Chief Market Strategist at MTFX Group, in a prepared statement. “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.”
As a result of the recent health crisis, contactless transactions have grown in popularity, as people are looking to minimize surface contact. Biometric verification enhances security and uses unique biological traits to identify a person. Educational institutions can integrate PayMyTuition’s biometric verification platform with their existing infrastructure to secure end-to-end payment transactions simple and transparent. Due to their real-time API, the company says most student information systems can be seamlessly integrated with the platform.
Over the next 60 days, the company aims to expand its business to various educational institutions in North America.