Grenoble Ecole de Management (GEM), a renowned triple-accredited French business school, has revolutionized its finance operations, resulting in remarkable savings and countless hours. GEM, often referred to as a visionary "business lab for society," offers more than 50 programs at degree, post graduate and executive level, taught in both French and English; attracting students who want to “contribute to a world that is more resilient, more peaceful and more responsible.”
Challenge: Hidden fees cause frequent short payment, manual work
While GEM is a stalwart advocate of innovation, they decided to join the Flywire’s family to include a transformative touch within their payment processes.
Manually processing payments from students hailing from more than 130 countries was time-consuming and complicated. Payment allocation was a particular pain point for the finance team. GEM was also regularly hit by hidden bank fees which meant, in addition to cost, that the sum received typically did not match the invoice, creating a headache for both the institution and payers.
Solution: Payment process transformed by robust integration and cost transparency
With Flywire, GEM is no longer hit by unexpected bank fees when receiving international payments, and they receive payments in full every time. Integrating Flywire with its student information system means that payments are matched with accounts automatically, resulting in real-time and accurate reconciliation. In addition, with access to Flywire’s around-the-clock multilingual payer support, students now receive real-time payment status updates and the GEM team has virtually eliminated payment-related enquiries. This enables the team to focus on other important tasks, which has greatly increased overall productivity and efficiency.
Student satisfaction has also improved as a result of being able to easily and securely pay their tuition and fees from wherever they are located in the world using their preferred payment method. Flywire's transparency shines through, eliminating any unpleasant surprises regarding exchange rates and fees by providing upfront information.
Flywire integrates with our student information system, enabling us to track and allocate funds to the appropriate students quickly and easily. This change has allowed our team to focus on other important tasks, improving overall productivity and efficiency.