Today Flywire announces that we are helping schools in Ireland comply with a recent government regulation regarding tuition payments made from outside Ireland.
We are currently working with a number of education institutions in the country that attract international students for study abroad opportunities, including The Centre of English Studies, Your English Language School, Apollo Language Centre and many other higher education, vocational and language schools.
In Ireland, we have tailored our platform specifically to meet the escrow-type account requirements for international students who require a visa to study abroad in Ireland. Irish schools that enroll such students are required to set aside funds paid on behalf of each student until the student’s visa application is approved or rejected, noted the company. With a new “delayed payment account” service, it is taking that burden off the schools.
Irish schools can now have us hold cross-border tuition payments until the Irish Naturalization and Immigration Service (INIS) decides on each application. Once the decision is made by the INIS, the funds will be transferred to the school or funds will be repaid to the payer if a visa is denied.
“Our new delayed payment account capability highlights Flywire’s commitment to meeting the evolving needs of the Irish education market,” said Mike Massaro, CEO at Flywire. “The ability to tailor our platform to the unique needs of each market is core to the value we offer and, in our view, essential to addressing our clients’ cross-border payment requirements.”
We serve Irish schools recruiting international students, as well as those students traveling to Ireland to study. According to Enterprise Ireland, the country has seen a 25 percent increase in the number of international students since 2012, which is worth more than €1 billion to the Irish economy. Currently, international students make up almost 10 percent of the overall student body in Ireland with that number projected to reach 15 per cent by 2020. China, Brazil, India, the Middle East, US, and southeast Asia are all key target markets for Irish schools.