BankMobile, a division of Customers Bank, and America’s largest and fastest-growing mobile-first bank, announced a partnership with Flywire, a leading provider of global payment and receivables solutions. Through this partnership, colleges and universities will have access to BankMobile’s state-of-the-art disbursement engine and Flywire’s turnkey, end-to-end solution for managing tuition receivables and payments, powered by OnPlanU.
BankMobile provides refund management services to one in every three college students in the country. Additionally, it has saved college and university students over $100 million* in banking fees since July 2016 versus had they deposited their funds into traditional checking accounts.
The OnPlanU platform will offer BankMobile Disbursement users an integrated, end-to-end receivables management solution, including:
Chicago State University has already implemented this new offering. In January 2018, it launched OnPlanU payments plans, payments and receivables management, automated refund management services and international payment processing, leveraging technology to improve student satisfaction, increase cost-effectiveness and gain internal efficiencies in the business office.
“BankMobile is a leader in the banking industry and we are thrilled to partner with a company so focused on college students and the banking technology needs of the current generation. Our combined solutions will allow schools to focus on the needs of students while reducing unnecessary costs and improving business processes,” stated David King, co-founder of OnPlanU.
“We are continuously looking to enhance our offerings and are delighted to announce this partnership with Flywire,” stated Luvleen Sidhu, Co-Founder, President, and Chief Strategy Officer at BankMobile. “This will allow schools the ability to streamline their business office processes while giving students choices for how to receive refunds and how to pay for college.”