LSE streamlines multiple payment processes with Convera
Albania
Algeria
Andorra
Angola
Challenge
The London School of Economics (LSE) was managing multiple complex international payment processes across different departments and functions. The university needed to handle student fee payments from international students, research funding transfers, academic partnership payments, and various other international transactions.
Their existing payment systems were fragmented, with different departments using different providers and processes. This created inefficiencies, higher costs, compliance challenges, and poor visibility across the institution's international payment activities. LSE needed a unified solution that could handle their diverse payment needs while providing better rates, improved compliance, and streamlined operations.
Convera has transformed our international payment operations. Having one provider handle all our diverse payment needs has created significant efficiencies while improving our cost base and student experience. — LSE Finance Team
Solution
Convera implemented a comprehensive payment solution for LSE that addressed their multiple use cases:
- Unified payment platform handling all types of international transactions
- Student payment portal for international fee payments with multiple payment methods
- Bulk payment capabilities for research funding and partnership payments
- Competitive exchange rates across all transaction types
- Enhanced compliance and reporting tools for regulatory requirements
- Dedicated account management and support for the education sector
- Integration capabilities with existing university systems
- Transparent fee structure replacing multiple provider relationships
The solution consolidated LSE's international payment operations under one provider while improving service levels and reducing costs.
Results
LSE achieved significant operational and financial improvements:
- Streamlined payment processes across all departments and use cases
- Substantial cost savings through competitive rates and consolidated fee structure
- Improved student experience with easier international payment options
- Enhanced compliance and reporting capabilities
- Better visibility and control over all international payment activities
- Reduced administrative burden on finance and other departments
- Faster payment processing times for all transaction types
- Simplified vendor management with single provider relationship
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