Is your money transmitter putting you at risk?

Reliable, compliant student payments start with a licensed money transmitter. Don’t take any chances when your time, resources, and reputation are on the line.

Universities and colleges typically work with these organizations to collect international tuition and fees from incoming foreign students. It’s an important function since these enrollees are a growing percentage of campuses across the country and their financial contributions are increasingly vital to educational institutions.

International education in the US is currently valued at around $39 billion per year, with more than 1 million foreign students during the 2017-18 academic year, according to an analysis by NAFSA. Many in the sector may not realize the difference between an unlicensed and licensed business. However, with issues like global compliance, fiscal responsibility, and even student refunds, choosing a licensed provider can make a world of difference.

A staggering $26 billion in fines has been imposed for non-compliance with Anti-Money Laundering (AML), Know Your Customer (KYC) and sanctions regulations in the last decade.

A tuition payment is not only the first major interaction that a foreign attendee has as an enrolled student of the school, but it’s also very likely one of the biggest payments for the students and parents. Ensuring a smooth transaction is a necessity to establish a positive relationship and offer a best-in-class experience.

Either way, working with an unlicensed money transmitter can be an enormous and unnecessary risk for the educational institution as well as the student. If the institution’s reputation gets affected as not being able to manage student funds effectively, they could be subject to negative PR and social media, which will impact the school’s ability to attract research funding the best academics and ultimately harm its ability to attract international students.

As a licensed money transmitter, providers are subject to various legal requirements and regulator oversight designed to protect educational institutions and their students.

As a leading partner in the industry, Convera is trusted by over 700 educational institutions and is a fully licensed Money Transmitter in every state in the USA that requires us to be licensed in. Like any bank or other financial institution, Convera must meet rigorous licensing requirements in order to be authorized to complete money transfers for its clients.

Working as a licensed money transmitter clearly requires adherence to high standards, designed to protect educational institutions and their international students. Such protections are increasingly important in a sector where international populations are growing rapidly. Taking shortcuts can hurt both the institution’s reputation and the student.


Convera has based the opinions expressed in this webpage on information generally available to the public, and such information or opinions are strictly for illustrative purposes only. Business between you and Convera shall be governed by the applicable terms and conditions provided to you before you undertake any transaction or commercial relationship with Convera.