Cashfree Payments , a payment 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 simplifies and digitises the payment process from KYC verification, payment collection to outward remittance.

It minimises the need for physical bank visits, offline KYC submission, and verification, providing students with an efficient and transparent payment experience. With this partnership, students can initiate transactions at any time, even on weekends and holidays. 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. These include admission fees, education rental payments, student maintenance expenses, Guaranteed Investment Certificate (GIC) payments, as well as blocked account payments.

Moreover, it also reduces the forex markup, 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. By utilising Cashfree Payments’ solution, Jamboree is able to extend the remittance service to students without the need for integration, including those who are unable to visit offline branches. As per the press release, with the cross-border solution, Jamboree can provide education consultation and facilitate international fee payments under one roof, without the need for separate investments in building a tech stack. Additionally, it also enables Jamboree to monitor its transactions through a convenient transaction tracking dashboard.

More about Cashfree Payments Based in India, Cashfree Payments provides full-stack payment solutions enabling businesses to collect payments and make payouts through available methods. Cashfree Payments' offerings include a way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, lending disbursals solution and auto collect, virtual account solution, and match inbound payments to customers. Cashfree Payments enables more than 300,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards.

In addition to India, the company’s products are used in eight other countries including the US, Canada, and UAE. Cashfree Payments is also integrated with platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. In August 2023, the company announced the launch of Vendor Payments to help businesses simplify the purchase-to-pay cycle. Vendor Payments is a comprehensive platform that aims to empower businesses to streamline and manage their purchase-to-pay cycle, bettering efficiency and reducing processing time.

In addition to simplifying vendor payments, it does so for other account payables including utility bill payments, other business expenses, and due taxes. In July 2023, it launched BNPL Plus to help with the discovery and offering of affordable payment options for customers. With the launch of BNPL Plus, businesses are enabled to increase the visibility of affordable and flexible payment options. With BNPL Plus, customers can see payment options such as EMI, Pay Later, and other offers right upfront on the product display page of direct-to-consumer (D2C) brands.

Moreover, with the integration of this no-code widget, businesses can reduce customer drop-offs and increase conversion rates. .