By the Marketing Team, at PagoNxt Payments.
Navigating the complexities of payment reconciliation is no small feat, especially for institutions like universities tasked with managing countless student transactions. Picture the challenges UNIR faced, juggling millions of payments value — approximately €210 million annually — each demanding meticulous scrutiny to correctly link payments made by or on behalf of its students referencing only with a student ID.
Join us as we explore UNIR's transformational journey and uncover how PagoNxt Payments revolutionized their payment reconciliation processes, handling 75,000 transactions in a year.
About UNIR: A Leader in Online Education
The International University of La Rioja (UNIR) was founded in 2008 and is a world leader in online education in Spanish. It belongs to the Proeduca Educational Group, which has more than 150,000 graduates on five continents and more than 90,000 students from almost 100 countries currently enrolled.
The Challenge: A Common Struggle in University Operations
In the busy halls of the academic world, managing payments can quickly become overwhelming. UNIR, like many universities, grappled with the complexities of reconciling student payments. With a multitude of payers and intricate transactions, manual reconciliation proved burdensome and error-prone, straining the university's operational resources. The problem was exacerbated by issues such as payments not coming from the students, but rather, a family member or legal tutor with a different name, often due to differences in payment practices among international students.
"I will tell you one thing: although we knew that UNIR was going to be a success, we could not imagine the overwhelming demand for our educational programs and the corresponding volume of payments. We quickly realized the need for specialized support to manage this complexity effectively," commented Francisco Álvarez, Chief Financial and Administrative Officer at UNIR.
PagoNxt Payments Emerges as the Solution: Your Trusted Partner in Simplifying Payment Processes
Enter PagoNxt Payments, the trusted ally UNIR needed to navigate their payment challenges. Armed with payment geeks and cutting-edge tech, introducing a transformative solution to UNIR's reconciliation concerns.
With a seamless solution that links each payment to each student ID, UNIR is now able to leverage PagoNxt Payments solid reconciliation platform to ultimately avoid manual tracking. With each transfer, the university can now see the transaction date, amount, purpose, and the specific student ID. This information is compiled into a specific file that the university uploads into their system, streamlining the entire payment process. All facilitated through an API, making it a simple, automated, and reliable process that has modernized UNIR's operations.
"The implementation process was excellent. We felt very supported, working hand-in-hand with the PagoNxt Payments technical team. The project was a success, and our IT team was very satisfied," stated David Sánchez, Treasury Director at UNIR.
The Power of Transformation: From Complexity to Clarity
With PagoNxt Payments as a trusted payment provider, UNIR's operational landscape underwent a remarkable transformation. What once demanded exhaustive manual effort now unfolded effortlessly, with transactions seamlessly associated to student ID . The days of laborious reconciliation were replaced by a sense of clarity and efficiency, empowering UNIR to focus on their core mission of delivering exceptional education.
Results Speak Volumes: Efficiency Redefined
"Thanks to PagoNxt, we manage €210 million in payments annually, assigned and reconciled without errors. In just eight months, we have processed 75,000 transactions," highlighted Francisco Álvarez, Chief Financial and Administrative Officer.
"Previously, we faced challenges with payment tracking, receiving numerous inquiries from students. Now, with the information seamlessly integrated from the start, we have significantly minimized errors and inquiries, enhancing overall student satisfaction," added David Sánchez, Treasury Director at UNIR.
"With a 20% reduction in reconciliation time, we've unlocked valuable time and resources to drive strategic initiatives and further our mission of academic excellence," emphasized David Sánchez.
Impact on the Student Experience
The introduction of PagoNxt Payments not only streamlined internal operations but also significantly improved the student experience. The reduction in payment-related issues led to fewer calls and could be leading to more positive perception of UNIR among its students.
"This project greatly helps in keeping student payments up-to-date and accurate. Partnering with PagoNxt Payments and Santander gives us great peace of mind,” commented David Sánchez, Treasury Director at UNIR. “It is highly recommended and a game changer for any university to undertake this project."
Inspired after reading more about UNIR’s success?
If you are ready to revolutionize your payment processes, partner with PagoNxt Payments, a paytech part of Santander Group specializing in account-to-account (A2A) payment solutions for Financial Institutions, NBFIs, and Corporates. Reach out and start unlocking growth thanks to simpler payment experiences.
For more information regarding our reconciliation solution and payment services we provide through PagoNxt Emoney EDE, S.L., click on emoney.pagonxt.com.
Share this post
For press inquiries, please reach out to our media relations team
Press contact email
Navigating the complexities of payment reconciliation is no small feat, especially for institutions like universities tasked with managing countless student transactions. Picture the challenges UNIR faced, juggling millions of payments value — approximately €210 million annually — each demanding meticulous scrutiny to correctly link payments made by or on behalf of its students referencing only with a student ID.
Imagine this scenario: It’s a busy Thursday morning in the operations department of a large financial institution. The team is deep into their routine of processing payments when one team member notices an alarming issue: a substantial payment—well over $100,000—has been processed multiple times. In a matter of seconds, the atmosphere shifts as the team faces a complex situation with financial and reputational implications.
Imagine a payment system that’s changing the way an entire nation moves money—instantly, effortlessly, and around the clock. That’s exactly what Pix, the revolutionary real-time payment platform launched by the Central Bank of Brazil, has done. Transforming the payments landscape across the country, Pix isn’t just rewriting the rules in Brazil; it’s setting the stage for the future of Account-to-Account (A2A) payments globally, together with other similar solutions. For financial institutions, NBFIs, and corporates, it marks the beginning of a new era, defined by unprecedented speed, efficiency, and cost reduction in both domestic and cross-border transactions. Read on to discover how Pix setting a new standard for Payments globally.
PagoNxt Payments has achieved a significant milestone by receiving a prestigious award from The Banker for its outstanding innovation in payment solutions. This recognition highlights our dedication to advancing the payments landscape and meeting the dynamic needs of financial institutions globally.
In today’s fast-paced financial environment, staying ahead of regulatory changes isn’t just important—it’s essential. As the Single Euro Payments Area (SEPA) introduces a series of new regulations, financial institutions across Europe must be prepared to adapt. These changes, aimed at increasing transparency,security, and efficiency in cross-border payments, will have far-reaching impacts on your operations. Here's what your institution needs to know to not just comply, but thrive under the new SEPA framework.
Have you ever wanted to become a part of PagoNxt’s team? Below you can find out what we look for in our interviews.
As we gear up to launch our #weareWow campaign from March 4th to 8th, we’re excited to spotlight the incredible achievements of women in the tech industry. Let’s celebrate them while recognizing the power of diversity and unity to drive innovation forward:
#WeCareForPrivacy, but Let’s Embrace a Dash of Adventure! At PagoNxt, our dedication to privacy is paramount. However, in the playful spirit of Privacy Week, we challenged our experts to reveal the exact steps one might take to invite a touch of privacy invasion. ⚠️ But, here is a friendly reminder: we don’t recommend you to follow these unless you aspire to become an oversharing maestro, ok?
We’re excited to announce that PagoNxt has joined The Payments Association in the UK, a step forward in our journey of expansion and collaboration. This move not only broadens our industry reach but also presents new opportunities for PagoNxt to contribute to the payments landscape.
PagoNxt Payments, a company within the Santander Group, has achieved a major milestone with its innovative product, Payments Hub.
Contact us to find out how PagoNxt Payments can transform your business
Get in touch
