Cashfree Payments, a payments and API banking solutions company has partnered with Jamboree, an educational consultancy, to simplify fee payments for Indian students studying overseas. The partnership leverages Cashfree Payments’ cross-border payment solution, which streamlines and digitises the entire payment process from KYC verification, and payment collection, to outward remittance.
It eliminates the need for physical bank visits, and offline KYC submission and verification, providing students with a convenient, fast, cost-effective, and transparent payment experience.
It enables students to make remittances under the Liberalised Remittance Scheme (LRS) established by the Reserve Bank of India (RBI), catering to a wide range of payment needs permitted by regulations, including admission fees, education rental payments, student maintenance expenses, Guaranteed Investment Certificate (GIC) payments for students heading to Canada, as well as blocked account payments for students bound for Germany.
Further, it also substantially reduces the forex markup, rendering the transactions cheaper for Indian students. Students can also track the status of the remittance, from KYC verification status, payment confirmation, and remittance initiation to the stage of downloading a SWIFT copy.
With Cashfree Payments’ cross-border solution, Jamboree can offer education consultation and can facilitate international fee payment under one roof without having to invest separately in building a tech stack.
Reeju Datta, co-founder, of 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."
Vineet Gupta, managing director of Jamboree said, “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."