Students jumping
  • Case studies

How AIBT navigates the outgoing payments process for complex markets.

April 11, 2019

The Australian Institute of Business and Technology (AIBT) is one of the top private education providers based in Queensland. With a small finance team AIBT’s bookkeeper, Nancy Jiang, shared out how Cohort Go has saved them time and money on their outbound payments, improved their day-to-day operations as well as their student experience.

“The Cohort Go platform has streamlined and improved our team operations. Now with Cohort Go, we have the ability to track each outbound payment and have saved thousands in foreign exchange rates and transfer fees.” Nancy Jiang, Bookkeeper, Finance Team, AIBT.

One of the biggest challenges AIBT faced was the costly process of outbound payments to complex source markets.

With access to all major currencies and competitive foreign exchange rates, the outbound payments facility gives AIBT the ability to consolidate costly international payments into one domestic transaction, reducing the overall costs of outbound payments for AIBT by thousands.

Their finance team now have a simple solution to reduce payment delays and successfully deliver funds to complex source markets including China and Nepal. Additionally, Students and agents are now able to receive quicker payments and more of their funds, with lower transfer fees.

They were also experiencing long payment settlement times and were looking for a payments partner who provided excellent customer support.

The live platform dashboard enables AIBT to track payments every step of the way with automatic status updates, from initiated to received and settled. Their finance team are now fully supported with Australian-based customer service and Cohort Go’s settlement of all funds.

They also have complete visibility now and understand the pipeline of payments via their live dashboard with real-time status updates.

Their agents and students were dissatisfied with high foreign exchange rates and bank transfer fees on receipt of commission and refund payments, so they were looking for a solution.

By paying in the beneficiary’s local currency, AIBT have been able to reduce the transfer fees of each transaction.

They now also have complete transparency of their international transactions. On settlement of funds, the payment receipt displays the transfer amount in both the originating and destination currencies. Their Agents and students are now satisfied with the new process, providing positive feedback to AIBT’s finance team.

Related Posts