Working with Deutsche Bank, Flywire is offering a digital solution to cross-border payments from India, using the Reserve Bank of India framework, to avoid what the US firm referred to as “cumbersome paperwork and declarations” usually needed to transfer funds out of India.
The product acts like marketplace where customers can access local methods to make payments against receivables in outside markets.
“We are 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,” Flywire vice president of global payments Ryan Frere said in a statement.
“India is one of the fastest-growing source countries for international students in the world and we strive to offer the most convenient and effective local payment methods,” Frere added.
Flywire has been working with Deutsche Bank since 2015, collaborating on a solution in Singapore and built local solutions in Turkey, Japan. Now, Flywire says it is among the first companies of its type to streamline the onshore collection of Indian Rupee for student fees.
“It is great to see how automation can not only bring in efficiencies but also enhance controls on a regulatory process,” managing director and head-global transaction banking in India for Deutsche Bank Anjali Mohanty noted.