PETNET, Inc. has expanded its partnership, under one of its service brands- PETNET Forex Solutions, with global payments company, Convera, a leading global B2B payments Fintech to offer a new suite of services catering to Filipino university students abroad: the Convera GlobalPay for Students platform. This promises to be a simpler and hassle-free way to send tuition payments from the Philippines to more than 900 education institutions, including 8 of the top 10 ranked universities globally.
With the Convera GlobalPay for Students platform, users can select PETNET as their preferred payment option and complete the payment through online banking or interbank transfer.
This platform, powered by Convera, is the first service in the country that allows students, parents, and sponsors to pay partner universities and education providers worldwide in the Philippines’ local currency (PHP), according to PETNET President and CEO Ian Ocampo.
“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 PHP,” he said.
The Convera GlobalPay for Students platform is expected to benefit around 22,709 Filipino students studying abroad, according to the latest numbers from UNESCO. The majority of them are studying in Canada and Australia.
Ocampo noted that the number of Filipino students moving abroad for their studies is expected to increase by 13% in the next five years. “We want to make sure that our institution supports this growth, making Filipinos globally competitive through education. With strong support both from private and government, PETNET is proud to enable these young potentials who seek additional educational foundations outside the country,” he said.
PETNET is Convera’s first, and only non-bank financial institution partner in the Philippines. By utilizing Convera’s network of partner universities, PETNET hopes that Convera GlobalPay for Students will provide a seamless and economical method of handling direct payments to education providers abroad.
“We’re thrilled to work with PETNET to add a PHP online banking option to our growing suite of payment methods, allowing education providers to accept payments from the Philippines with ease,” said Nicola Bennett, Global Director of Product at Convera. “The Philippines is becoming one of the top source countries of students studying abroad, and we recognise that institutions need to cater to the growing demand by providing a seamless payment experience for their students, so they can concentrate on their studies. We look forward to this significant and strategic collaboration to serve payers from the Philippines and evolve our offering together.”
PETNET Forex Solutions Executive Vice President Dennis Catubay, said, “As part of our commitment to offer class-leading and innovative cross-border payments, we recognized the importance of simplifying payment procedures, especially for our Filipino community. With Convera, we are taking a significant step towards achieving this goal.”
The Convera GlobalPay for Students platform is just one of the services from PETNET Forex Solutions that aim to improve their customer experience, reduce friction with their existing practices, and elevate their solutions for their customers.
Catubay also shared plans to improve direct remittances for its B2B segment further, “We are also planning to strengthen our cross-border payment facility and enable our customers to seamlessly send payments to their suppliers abroad faster and more cost-efficiently,” he said.