Managing thousands of tuition fee payments
Colfuturo are a higher education grant provider for Colombian students who are studying abroad at university. As a result, Colfuturo have to make 100,000s of payments in different currencies every year to universities in different countries around the world.
The number of staff and working hours to manage and track these payments would be astronomical and as a result, Colfuturo were looking for a payment automation solution to save them time, money and reduce human error.
They opted for Currency//UK’s open application programme interface (API) which is able to run seamlessly with their own accounts and payments system. The API has a number of benefits as it enables students to receive and make payments easily and allows Colfuturo to process many thousands of payments in a matter of minutes giving them more time to focus on their core mission.
Another benefit of using the API is its ability to simplify data validation and therefore the number of payment errors is reduced when compared to data being manually inputted by individuals. Furthermore when payment errors occur, investigations are made and an alert is sent to Colfuturo. They are able to see this activity via Currency//UK’s online platform and can speak to their account manager at Currency//UK to quickly find and resolve the problem.
By using an open API Currency//UK clients like Colfuturo are able to innovate, improve and add new features to their offering. As a result, students studying abroad through Colfuturo are able to continually get a better service when it comes to their payments and Colfuturo have a trusted partner and automated process.