There is a better way – Automated Clearing House – ACH
An ACH, or Automated Clearing House, became a currency movement method in 1974; 102 years after wire transfers were invented. The same year SWIFT codes came into existence.
ACH payments have evolved as the internet has taken root at the core of Global Finance.
This type of payment eliminates or mitigates many of the challenges and shortcomings of a global wire transfer.
Bank fees are eliminated the instant the payment enters the ACH network
Unidentified or short balance payments are a thing of the past due to the rich and flexible data package and the absence of fees.
Payments can be tracked as they move through the system, for the benefit of both the payer and the payee.
Fraud risk from publishing bank information is completely eliminated both in the treatment of payee information and the ability to review global list for criminal accounts.
More companies can participate in the market which introduces exchange rate and customer service competition. A positive step forward for both the payee and the payer.
Significant data records can accompany a payment. The payee can influence the data that is gathered in the payment process. This digital record is flexible and easily imported into accounting packages. This increases record accuracy and decreases processing time.
Smart organizations evaluate new technologies and leverage them.
I would enjoy learning more about your school and how you manage global transactions.