Herring Bank, a trusted U.S. bank and Member FDIC, has announced a partnership with TransferMate, the world’s leading provider of embedded B2B payments infrastructure as a service (IaaS), to improve the international student payment capabilities for its university and institutional clients across the United States.
This collaboration provides Herring Bank’s education partners with a robust, compliant and fully integrated platform that simplifies the process of collecting tuition and fees from international students. Through TransferMate’s global payments network, institutions can now offer students a fast, secure, and transparent way to pay from anywhere in the world, while reducing administrative workload and remaining compliant with international regulations.
“This partnership marks a major step forward in making cross-border student payments simpler, safer, and smarter,” said Dave Riggs, EVP at Herring Bank. “Our mission is to support our partner institutions with innovative solutions that reduce administrative friction and improve the student experience. TransferMate’s infrastructure does exactly that.”
Key features of the solution include:
• Institution-branded payment portals
• Live foreign exchange rates and multiple payment methods
• Real-time transaction tracking and multilingual customer support
• Automated reconciliation and direct integration with student information systems
• Full compliance monitoring and elimination of intermediary bank fees
TransferMate’s licensed global network ensures every transaction is secure, compliant, and efficiently routed, removing common pain points such as payment delays, shortfalls, and manual reconciliation.
“Embedding TransferMate’s technology into Herring Bank allows institutions a better, smarter way to collect tuition from international students,” said Thomas Butler, Head of Education at TransferMate. “Together, we’re enabling institutions to streamline operations and offer an exceptional payment experience.”
TransferMate owns the largest fintech payments infrastructure in the world, ensuring every transaction is secure, compliant, and efficiently routed. Alongside simplifying inbound tuition payments, the solution also enables institutions to make outgoing payments - such as refunds and international supplier transfers - with the same speed and reliability. Clients can also store funds globally in multiple currencies, delivering a complete financial toolkit for the education sector.
To learn more about the Herring Bank and TransferMate partnership, contact the team today.
