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ICICI Bank, Australia's Westpac join hands to facilitate online fee payment for students

Press Trust of India  |  New Delhi 

has tied-up with Austrialia's Corporation (Westpac) to facilitate by Indian students.

The of the fees will be routed through outward remittance platform Money2World (M2W).

With this, Indian residents, who are customers of any in India, can initiate an to make fee payments to an Australian university at a fixed exchange rate from the comfort of their homes, any time, said in a release today.

The lender said it is the first bank in the country to tie-up with an to allow Indian students pay

The full value of remittance will be credited to the beneficiary university without any deduction of charges, the bank said.

As a first, and have partnered with for this initiative.

ICICI Bank aims to tie up with other universities and colleges in as well.

The transactions carried out by students using the Money2World platform is integrated with Westpac's 'PaymentsPlus' which is a and for universities and colleges.

"Overseas education remittance is nearly a third of the country's overall outward remittance and is one of the largest recipients. It has been our constant endeavour to simplify by leveraging on technology and global partnerships," Vijay Chandok, Executive Director, ICICI Bank said.

"Universities and colleges have always been very important for and Australian 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.

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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 16:45 IST