LONDON, February 23, 2012 /PRNewswire/ --
The Western Union GEO Fund for British Universities Introduced to Support Students in Need
Western Union Business Solutions today announced the launch of its new GEO for Education service with the University of Edinburgh, a leading Scottish university, to provide an international payments platform specifically for overseas students.
Western Union Business Solutions is a business unit of the Western Union Company (NYSE: WU), a leader in global payment services, which recently acquired Travelex Global Business Payments. GEO for Education marks the first platform launch for the combined organization in Europe and has been designed for universities and higher education institutions to help them improve the process of collecting and managing payments from overseas students. It includes new security features, a more efficient reconciliation process for student payments, and uses Western Union Business Solutions' recently acquired Pay 24-7 online payments technology to reduce the costs associated with collecting international fees.
To celebrate the launch, Western Union Business Solutions is proud to announce the Western Union GEO Fund for British Universities. The Western Union GEO Fund will offer £1,000 every year to each of its university clients in the UK to give financial support to an international student in need. The recipients will be decided by the universities themselves, and the money will go towards the cost of the students' tuition fees or to assist those in situations of financial hardship.
Raj Agrawal, President of Western Union Business Solutions, said, "I am very proud to be announcing the launch of both GEO for Education and the Western Union GEO Fund for British Universities. These are exciting times for Western Union as we deepen our commitment to the education sector by expanding our dedicated education team across Europe."
Cath Cullen, Head of Education Solutions for Western Union Business Solutions, said, "I've worked in international education for over 12 years and I know only too well how financial pressures can be a barrier to a priceless international education. The Western Union GEO Fund means we can play our part in addressing this issue. Part of my job involves working with the higher education sector in Europe to identify issues faced by students and find solutions to them. I am delighted to be part of a company that listens to the needs of the industry and is able to offer solutions, like GEO for Education, that make sense."
About GEO for Education:
GEO for Education also offers a secure and flexible platform that makes cross-border payments faster, easier, and cheaper for international students by giving them access to Western Union Business Solution's powerful global payments network. It offers connectivity through SWIFT as well as through its own unique network of domestic clearing in over 18 countries and 140 currencies, presenting universities with the flexibility to use it as an outsourced payment solution and avoid the need to invest in costly in-house development.
About Western Union Business Solutions:
Western Union® Business Solutions is an operating division of The Western Union Company. Western Union acquired Custom House Financial (UK) Limited in 2009 and Travelex Global Business Payments Limited in 2011. Services in the UK are provided by Custom House Financial (UK) Limited or Travelex Global Business Payments Limited (collectively referred to as "WUBS" or "Western Union Business Solutions").
"Travelex" is a registered trademark of Travellers Exchange Corporation Limited and is used by Travelex Global Business Payments Limited and its affiliates under license.
Custom House Financial (UK) Limited (registered in England, Company Number 04380026, Registered Office Address: 2nd Floor, 12 Appold Street, London EC2A 2AW) is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (Register Reference: 517165) for the provision of payment services and is registered as an MSB with HM Revenue & Customs (Registered No: 12140130). Travelex Global Business Payments Limited (registered in England, Company Number 02854737, Registered Office Address: 65 Kingsway, London, WC2B 6TD) is authorised by the Financial Services Authority under the Payment Services Regulations 2009 (Register Reference: 536611) for the provision of payment services and is registered as an MSB with HM Revenue & Customs (Registered No: 12122416).
SOURCE Western Union Business Solutions