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Background
Erasmus University Rotterdam is a research university located in Rotterdam, Netherlands. The university is one of Europe’s top-ranking business schools, with their study body comprising of nearly 30,000 students - 5,000 of which are international students.
Challenge
Erasmus University was having trouble with cashing their Sallie Mae (student loan) cheques.
Unpredictable delays meant that the university was waiting up to 6 weeks for cheques to clear. This delay was affecting cash flow, disrupting workflow, and causing major issues for the Erasmus University accounts department.
As well as this, international transfers resulted in unexpected bank charges, which were difficult to reconcile due to uneven amounts and missing reference numbers – they knew there had to be a better way.
Solution
TransferMate partnered with Erasmus University to provide a complete solution for student payments. The university now receives Sallie Mae payments within 24 hours, fully referenced, and easy to reconcile.
Students are guaranteed preferential exchange rates through TransferMate’s global payments network while eliminating unexpected bank fees. This process has saved the university’s accounts team time chasing missing funds and reconciling payments.
