Streamlines payment process for Indian students studying abroad
Boston; and Mumbai, India—Flywire, a company that solves complex payment problems for leading businesses and institutions, today announced a simpler way for students in India to pay tuition fees to global universities. Leveraging the framework established by the Reserve Bank of India (RBI), Flywire, in conjunction with Deutsche bank, is among the first companies of its type to streamline the onshore collection of Indian Rupee for student fees. This enables Flywire to digitize the cumbersome paperwork and declarations typically required for transferring funds abroad.
The new simplified process became available August 1, 2018 for payments to any institution using Flywire to process international payments. Remitters will be able to leverage a fully automated workflow for submission of documents and declarations, eliminating the need for a multi-step manual process. This offers substantial time-savings for remitters while ensuring compliance with extant regulations. “We’re very pleased to be able to work with Deutsche Bank to offer this option to make cross-border transactions easier for Indian students and their families,” said Ryan Frere, vice president of global payments for Flywire. “India is one of the fastest-growing source countries for international students in the world and we strive to offer the most convenient and efficient local payment methods – no matter where they originate. Over time, we expect the maximum payment amount qualifying for this program to increase, further streamlining the experience.”
Flywire has processed over $8 billion for over 1,400 clients in education, business, and healthcare. The company has established its global payment network and processing platform as the industry standard for large-sum international and domestic transactions, providing a single point of management and payer engagement from billing and payment through reconciliation. With Flywire, institutions can offer students and families a highly-tailored, convenient and secure payment experience – customized by business, country, and currency – while accelerating funds flow and streamlining operational expense.
“Deutsche Bank is extremely proud to partner with Flywire on this innovative solution and it is great to see how automation can not only bring in efficiencies but also enhance controls on a regulatory process” said Anjali Mohanty, Managing Director & Head- Global Transaction Banking, India.
Flywire is a provider of global payment and receivables solutions, connecting businesses and institutions with their customers on six continents. The company processes billions in payments per year around the world. Flywire offers a comprehensive suite of products including OnPlan, a domestic billing and payment solution for pre-collection and payment plans. The company also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking. Flywire is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney. Key investors include Bain Capital, F-Prime Capital (Fidelity), Spark Capital and Temasek. For more information, visit www.Flywire.com.