CAMBRIDGE, MA — (Marketwire) — 07/19/11 — peerTransfer Corporation, a premier provider of global payment solutions, today announced that during the second quarter of 2011, twelve new schools have selected peerTransfer as their online payment solutions provider for international students. Included in the expanding list of partner schools are leading institutions such as The College of Wooster, University of Portland, Reed College, Michigan Technological University, Montana Tech, Suffolk University, and many others. These join an already impressive roster of partner schools, including Bryn Mawr, Wellesley College, and others.
Launched earlier this year, peerTransfer-s solution provides significant time and cost savings for international students on tuition and other education-related payments. peerTransfer provides these savings by collecting funds in the students- home currency, bundling transactions to secure higher-volume purchases and more favorable foreign exchange rates, and eliminating unnecessary intermediary transaction fees. The result is significant cost savings as compared to traditional banking solutions — up to thousands of dollars for a single year-s tuition. In addition to the student savings, peerTransfer helps the business office at its partner schools reduce administrative overhead by ensuring the fast and accurate delivery and posting of funds. And, peerTransfer is the only solution offered completely free of charge to the school, requires no IT implementation and supports students across all countries.
“We chose peerTransfer because we wanted to make our international students- experience as pleasant and affordable as possible. peerTransfer-s solution helps us achieve this by saving our students a significant amount of time and money, and giving them the added peace of mind knowing we have received their payment,” said Paula Fleck, Bursar for Suffolk University, who went live with peerTransfer in April 2011. “In addition, we expect it will help us reconcile and post payments in a more streamlined and straightforward way, eliminating missing information and saving the university a meaningful amount of time.”
peerTransfer estimates that the adoption of its solution, a service that is provided free to universities, will generate significant yearly savings to their partner schools- international student population. “Students save up to $1,500 for a $40,000 tuition payment thanks to preferential currency exchange rates and lower fees,” states Iker Marcaide, founder and CEO of peerTransfer. “peerTransfer is an online focused solution with no costly branches like traditional banks. We can just share the favorable rates from bundled wholesale foreign currency purchases with students, generating them substantial savings. At the same time, this solution saves colleges and universities the valuable time that is associated with tracking down payments and recording them to the correct student accounts.”
peerTransfer is the pioneer in development of innovative global payment solutions. Its first offering, peerTransfer Education is targeted at the higher education market and has been proven to save schools and their international students a significant amount of time and money when making school payments (tuition, fees, etc.) Unlike traditional banks, peerTransfer is able to offer wholesale foreign exchange rates, which equates to a significant amount of savings for the students. The company was founded in 2009, is headquartered in Boston, Mass., with additional offices in Europe, and is backed by leading international investors (including Spark Capital, a $1 billion venture capital fund). The company has received several awards including winning the HIT Barcelona 2010 Innovation Summit; “Best Consumer Technology that Makes Life Easier,” and “Innovative Business Model,” from MITX; and was also named one of the “5 big ideas in Boston” by Xconomy.
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Stephen Williams
Director of Marketing
617-313-0958
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