JOHNS CREEK, GA – August 27, 2019 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries announced that PayMyTuition, a leading provider of technology-driven global payment processing solutions for international tuition payments, has added its EbixCash World Money remittance service to pay international tuition fees to universities and colleges globally, by parents for students from India studying abroad.
Headquartered in Toronto, PayMyTuition is part of the MTFX Group of Companies, a foreign exchange and global payments solution provider with a track record of 23+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. Last year MTFX Group processed over 10 billion in currency exchange across 220+ countries in over 120 different currencies.
EbixCash is a global player in travel, remittances, payment services and foreign exchange solutions besides being the largest issuer of prepaid cards in the country. EbixCash World Money combines more than 320,000 distribution outlets spread across 5500+ cities, towns, and villages across the country. EbixCash World Money’s significant foot print in India coupled with a customer centric service approach will broaden PayMyTuition’s reach in India. The country continues to be one of the fastest growing sources of international students globally.
PayMyTuition will integrate EbixCash World Money’s payment platform as an option for students making payments from India. This partnership will allow both companies to offer substantial currency exchange savings as well as streamline payment processes for remitters across India. The integrated solution will also allow for efficiencies to be gained through enhanced regulatory and compliance processes on outbound tuition remittances.
Arif Harji, Chief Market Strategist at MTFX Group said, “We are excited to be partnering with EbixCash World Money to offer as an option for students and payers to make international payments from India. EbixCash World Money’s footprint in India coupled with their focus on technology allows PayMyTuition to offer payers in India significant savings on tuition remittances while offering local in-country customer support across India”.
T C Guruprasad , CEO & Managing Director said, “EbixCash World Money is delighted to be partnering with PayMyTuition on this innovative solution. Our footprint in India coupled with PayMyTuition’s direct integration into student information systems offers an exciting opportunity to change the international tuition remittance landscape in India”.
PayMyTuition is part of the MTFX Group of Companies, a foreign exchange and global payments solution provider with a track record of 23+ years, facilitating payments for over 8,000 corporate and institutional clients across North America. Last year MTFX Group processed over 10 billion in currency exchange across 220+ countries in over 120 different currencies. MTFX has built its reputation on amazing people and great technology. Using a blend of “high-tech” and “high-touch” solutions, MTFX has grown to become a leader in online foreign exchange and global payment services across North America. In addition to offering incredibly competitive currency exchange rates, MTFX’s “high-touch” 24/7 multilingual customer support ensures that every transaction not only meets but exceeds the level of service our customers expect from us. MTFX is headquartered in Toronto, Canada with its US headquarters in Jersey City, NJ. For more information, visit the Company’s website at www.paymytuition.com
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. For more information, visit the Company’s website at www.ebix.com
| Darren Joseph IR@ebix.com or 678 281 2027 |
David Collins or Chris Eddy Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com |