Flywire Helps Education Agents and Institutions Streamline International Tuition Payments

Flywire, a high-growth vertical payments company, today announced new enhancements to its digital payment platform to better serve education recruitment agents and institutions worldwide. As part of its comprehensive receivables solution, the platform enhancements will help agents better manage student information and streamline payment tracking while also enabling education institutions to optimize agent relationships and minimize potential fraud.

In a related announcement, the company also reported a new strategic partnership with BOSSA (the Beijing Overseas Study Service Association), a non-profit, government-supported organization that supports member agents across China that recruit students for study abroad.

Flywire is the payment provider of choice for students and education institutions around the world. Its solution enables institutions to offer students a highly-tailored, convenient and secure online payment experience – customized by school, country, and currency – while also accelerating funds flow, easing reconciliation and streamlining operational expenses. The solution also enables institutions to create custom payment plans to provide students and families with greater flexibility.

The company already partners with hundreds of certified education agents that work on behalf of institutions to recruit international students including ACIC, AUG Study, Global Education Alliance, Global Reach, iae Global, IDP Education and KC Overseas Education.

Flywire’s enhanced agent platform connects agents, students and schools to simplify the payment process and provide real-time visibility. New enhancements include a customizable dashboard providing agents with the ability to directly send payment reminders to students. It also provides real-time visibility into the status of all student payment requests; status of all payments made to institutions including payment methods; and easy, secure access to all student payment details including refunds and download receipts. These capabilities offer important benefits for both agents and schools.

For agents, the platform:

  • centralizes student information in one place to easily store, manage, import and export data
  • provides access to fair-market foreign exchange rates to protect students from unnecessary costs
  • delivers payments securely to education institution accounts
  • enables easy delivery of payment notifications to one or multiple students
  • tracks payments in real time to provide transparency
  • provides split payment functionality (one transaction, multi-payouts)

For education institutions, the platform:

  • enables receipt of payments in full and reduces unidentified and short-balance transactions
  • automates the reconciliation process to save time
  • secures account data to prevent vendors from acting as agents without authorization
  • tracks payments in real time to provide transparency
  • centralizes all relevant agent and student information in one place to streamline operations

“Flywire has set the gold standard for cross-border payments in the international education space,” said Mark Lukas, founder and managing director of iae Global. “Their ability to connect schools, agents and students throughout the entire payment process enables a trusted and seamless experience for all involved. As a result, we’re able to create stronger relationships between the students and the schools we represent.”

“Education agents play a very important role in the relationship between institutions and their international students,” said Sharon Butler, EVP of Education, Flywire. “Their ability to represent education institutions locally can make a big difference in how a school is viewed by prospective students. By enhancing our agent platform, we are helping to not only streamline the international student recruitment process, but also optimize the way agents engage with both students and schools worldwide.”

Source: https://www.fintechf.com/01-news/flywire-helps-education-agents-and-institutions-streamline-international-tuition-payments/