The polytechnic is the first education institution to adopt funds transfer service PayNow by leveraging OCBC Bank’s Application Programming Interface (API).
Students and their parents who are not OCBC customers can pay from bank accounts with any of the nine PayNow participating banks to RP.
Currently, almost 60% of RP’s students do not pay their school fees via GIRO.
Melvyn Low, Head, Global Transaction Banking, OCBC Bank, said, “PayNow is becoming an increasingly popular choice for payments and collections among consumers and organisations for the ease and convenience it brings.”
“The cost savings that arise from the reduction of cash and cheque handling is another attractive value proposition for forward-thinking organisations like Republic Polytechnic.”
OCBC believes that the rapid adoption of PayNow in Singapore is a good sign for the implementation of this solution.
Minister for Education and MAS’ Board Member Ong Ye Kung shared in June 2018 that there were already more than 1.4 million PayNow registrations, and nearly $900 million had been transferred via PayNow since its launch in 2017.
Chief Financial Officer of Republic Polytechnic, Geraldine Ang, said, “[PayNow Corporate] provides our stakeholders and corporate partners with a convenient and secure platform to transact instantaneously with the institution, as part of our digitalisation effort and push towards becoming a Smart Nation.”
OCBC Bank and RP will explore extending the use of PayNow for the collection of other fees in the future that could include fees for hostels, overseas trips, and facility bookings.
Featured Image Credit: @mysgstory