Case Study

Transforming International Student Payments: NexPay's Journey to Real-Time Transactions

Harish Mycharla

December 12, 2023

7

min read

CUSTOMER

INDUSTRY

International remittance

REGION

Australia

NexPay, a rapidly growing fintech company, is revolutionizing international student payments with the aim of making studying abroad more accessible and hassle-free. They recognized the need for a comprehensive financial crime prevention and real-time transaction monitoring solution.

Flagright's real-time solutions have allowed NexPay to enhance their security and compliance, reduce false positives, and simplify payment processes. As a result, international students have a seamless and secure payment experience, which helps NexPay maintain its position as an industry leader.

A glimpse into ‘NexPay’

NexPay simplifies international student payments by allowing students to pay in their local currency, eliminating credit card surcharges, and offering easy tracking and reconciliation of payments. Their mission is to make the foreign exchange process straightforward and cost-effective for students and educational institutions alike.

With its focus on simplicity, reliability, and personalized customer service, NexPay is transforming the way international students make payments. By streamlining the process and providing top-notch support, NexPay is empowering students to manage their finances with ease and confidence.

Flagright’s exceptional customer support has played a pivotal role in facilitating the expansion of our AML operations. They efficiently address all our requests.

Viktorija Gudeliauskiene

Head of AML Operations at kevin.

Challenges

Real-time payment needs
NexPay faced a challenge in meeting the demands of their customers for real-time payment processing, as their existing systems relied on batch-based processes, causing delays and customer dissatisfaction.
Ensuring regulatory compliance
NexPay grappled with the need to meet stringent international financial regulations and sanctions, requiring a robust system to avoid legal complications.
Optimizing rules
‍NexPay sought to fine-tune rule configurations for precise risk management, ensuring efficient detection and response to potential threats.

Flagright transformed NexPay’s payment security making international transactions seamless

Impact and value generated by Flagright

Flagright's partnership with NexPay has yielded substantial impact and value across various dimensions:

Faster payment processing
‍With real-time transaction monitoring from Flagright, NexPay has significantly accelerated payment processing, ensuring rapid and secure international student payments.
Improved compliance
NexPay has achieved superior compliance by leveraging Flagright's up-to-date sanctions screening capabilities, mitigating regulatory risks effectively.
Transparent and secure payments
NexPay now offers a transparent and secure platform for international student payments, bolstering trust and simplifying financial transactions for students globally. This partnership has revolutionized the payment landscape, underscoring the value of Flagright's innovative solutions.

Conclusion

The partnership between NexPay and Flagright has been a game-changer in the world of international student payments. By leveraging Flagright's transaction monitoring and sanctions screening expertise, NexPay has not only improved security and compliance but also enhanced the overall experience for students and educational institutions.

This collaboration represents a testament to the power of innovative financial crime prevention solutions in transforming businesses and delivering exceptional value.

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