PETNET Forex Solutions, a bank-affiliated Forex solutions provider, in collaboration with Convera, a global B2B payments company, has launched the Convera GlobalPay for Students platform, providing a streamlined solution for Filipino students to pay tuition in Philippine pesos at over 900 international educational institutions.
The partnership between PETNET and Convera allows users to choose the former as their preferred payment option and complete transactions through online banking or interbank transfers.
“By directly remitting the payment to their chosen place of study, our service eliminates friction in the process caused by intermediaries that deduct conversion fees from your payments by giving you the opportunity to pay in Philippine peso,” said Ian Ocampo, president and CEO, PETNET.
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With an expected impact on around 22,000 Filipino students studying abroad, particularly in Canada and Australia, the Convera GlobalPay for Students platform responds to the growing demand for efficient payment experiences. Ocampo anticipates a 13% increase in Filipino students studying abroad in the next five years and expresses PETNET’s commitment to supporting this growth.
PETNET is Convera’s exclusive non-bank financial institution partner in the Philippines. Leveraging Convera’s network of partner universities, the collaboration aims to provide an economical method for direct payments to educational providers abroad.
Nicola Bennett, global director of Product at Convera, emphasized the importance of offering seamless payment experiences to cater to the increasing number of Filipino students studying abroad.
PETNET highlighted the commitment to innovation in cross-border payments, aiming to simplify procedures for the Filipino community. The Convera GlobalPay for Students platform is part of PETNET Forex Solutions’ broader efforts to enhance customer experiences, reduce friction in existing practices, and elevate solutions for their clients.