ICICI Bank has tied-up with Austrialia's Westpac Banking Corporation (Westpac) to facilitate online fee payments by Indian students, reported PTI.
The online payment of the fees will be routed through outward remittance platform Money2World (M2W).
With this, Indian residents, who are customers of any bank in India, can initiate an online remittance to make fee payments to an Australian university at a fixed exchange rate from the comfort of their homes, any time, ICICI Bank said in a release today.
The lender said it is the first bank in the country to tie-up with an Australian bank to allow Indian students pay fee online.
The full value of remittance will be credited to the beneficiary university without any deduction of charges, the bank said.
As a first, ICICI Bank and Westpac have partnered with La Trobe University for this initiative.
ICICI Bank aims to tie up with other universities and colleges in Australia as well.The transactions carried out by students using the Money2World platform is integrated with Westpac's 'PaymentsPlus' which is a banking and reconciliation solution for universities and colleges.
"Overseas education remittance is nearly a third of the country's overall outward remittance and Australia is one of the largest recipients. It has been our constant endeavour to simplify student payment solutions by leveraging on technology and global partnerships," Vijay Chandok, Executive Director, ICICI Bank said.
"Universities and colleges have always been very important for Westpac and Australian economy. With this solution, we will be able to provide the university with unimpaired information reconciliation which will save resources, time and money," said Di Challenor, General Manager, Global Transaction Services, Westpac.
La Trobe university CFO Mark Smith said reconciliation of student payments has always been a challenging task, putting a strain on the resources.
"With this solution we are able to track student fees and confirm admission to them almost instantly," Smith said.