Cashfree Payments partners with Jamboree to simplify international fee payments for Indian students

financialexpress.com:

Cashfree Payments, 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, payment collection, to outward remittance, an official release said. It further eliminates the need for physical bank visits, offline KYC submission and verification, providing students with a convenient, fast, cost-effective, and transparent payment experience, the release added.

With this partnership, students can initiate transactions 24/7, even on weekends and holidays, providing them with flexibility. 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 mark-up, rendering the transactions cheaper for Indian students. Students can also track the status of the remittance, from KYC verification status, payment confirmation, remittance initiation to the stage of downloading SWIFT copy.

With Cashfree Payments’ solution, Jamboree can start to extend the remittance service to students without any integration, and Jamboree can also cater to students who are not able to visit offline branches of Jamboree.

“Our cross-border payments solution aims to provide students