New additions to our student payment management solution community
We’re delighted to announce that UniLife and the University of Limerick, have adopted our brand-new payment solution, KxPayments.
What is KxPayments?
KxPayments offers a secure and seamless integration of payments and allows you to monitor and manage student billing easily. Enabling you to assemble an optimised payment eco-system with no difficult integration process. It also greatly improves your students’ experience by allowing them to use familiar payment methods, and results in you spending less time managing payments in the back-end.
University of Limerick and UniLife join Student Roost and a large European Student Accommodation Provider that operates across four countries in using KxPayments to revolutionise their student payment management.
We’re excited about helping our community take their payment management to the next level!
New Irish legislation highlights the importance of our payment management solution, KxPayments.
Passed in April 2021, new Client Money Protection (CMP) only requires renters including students living in student-specific accommodation to supply a deposit and a month’s rent in advance, with the total value not exceeding two months’ rent, which shows the importance of having an effective and efficient payment management solution that can automate frequent requests over the course of the students’ contract length and bring additional savings on administration. With increased reliance and pressure on administration to schedule payments, there is also an increased chance of human error, which could result in missed or late payments – something KxPayments is able to help automate and remove.
In response to this, University of Limerick had to think outside the box whilst exploring payment management solutions and with benefits such as tightly integrated payment schedules, availability with KxStudent, and robust conciliation - they have now become the FIRST Irish university to adopt KxPayments.
KxPayments facilitates a wide range of payment methods, that can securely schedule thousands of payments and ensure they’ll be collected on time.
University of Limerick’s adoption of KxPayments makes them Kinetic’s first customer within Higher Education, showcasing their openness to innovation and willingness to provide their students with the greatest possible experience.
A period of significant change for the financial services sector.
In a recent webinar, our VP of R&D, Adam Calladine, explored the future of student payments and how significant change in the Financial Services sector will force universities and purpose-built student accommodation (PBSA) providers to adapt in how they take payments from students.
Firstly, the PSD2 regulation came into force across Europe (including Ireland) on 1st January 2021. It also came into force in the UK on 14th September 2021, which brought a big change to the way we transact online as requiring payments have to be ‘approved’ via Strong Customer Authentication (SCA) using 2 of 3 mechanisms. The impacts of these regulation changes will require adjustments to integrations, such as merchants needing 3D Secure Version 2 to provide SCA, as well as seeing an increase in drop-out and failure rates of requested payments initially due to enforced SCA.
Secondly, innovation with Open Banking is gaining pace within the financial services sector and is expected to grow in popularity generally, and we feel this is something that would apply to the student demographic as it will allow students to make bank-to-bank transactions using the faster payment rails.
It is mandated by an EU directive and provides a secure way for consumers to share their financial information with merchants or service providers. In the current card payment landscape, there are many middle-men which makes the process more vulnerable to things going wrong and ultimately lead to high failure rates. However, in the new Open Banking model (see image below), all these middle-men are replaced by a PISC (Payment Initiation Service Provider) – a regulated body by the FCA who provide the glue between your customers bank account and the merchants bank account, which provides a simplified, secure and familiar approach to making a payment. Open Banking will facilitate instant payments for one simple fee with no chargebacks, as well as being SCA compliant by default.
KxPayments is a perfect solution to provide flexible and secure payment methods for students. Student Roost is amongst a number of our existing customers who are now looking to implement Open Banking within their payment methods. With PwC predicting 64% of consumers will adopt Open Banking services by 2022, Student Roost believe offering a ‘Gen Z solution’ will prove popular with their student residents due to its simplicity and security.
Explore how you can revolutionise your student payment management with KxPayments.
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