- The payments specialist just made it easier for students to pay for their tuition to the global universities they attend
- The payment process has been streamlined, effectively giving students an alternative to manual procedures
- Flywire has processed over $8 billion worth of payments since it launched its new service
Flywire just made tuition fee transfers easier for many Indian students who attend schools abroad. India currently has thousands of students enrolled in schools and universities abroad. Based on 2017 data, an estimated 553,000 Indian youth study in other countries and this number continues to grow.
The announcement from the payments specialist is a welcome development for many students who are already tired of the cumbersome procedures required by traditional international money transfer services. The brand is reportedly among the first to streamline this particular process and it did so by leveraging the Reserve Bank of India’s existing framework.
Known for its knack for solving complex payment problems, Flywire has successfully digitised tuition fee transfers, effectively getting rid of the manual processing declarations and other paperwork often required by traditional payments processors. The brand is working with Deutsche Bank to make this service possible, reports say.
Flywire’s VP of global payments says that the company is “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”. Apart from working with schools and universities, Flywire also offers its large-sum money transfer services to the medical sector and other businesses. Deutsche Bank, on the other hand, describes Flywire’s product as an “innovative solution”.
Institutions using Flywire can now offer hassle-free transactions while ensuring full compliance with domestic and international requirements. The payments specialist has already processed more than $8 billion since its launch. It owes its success to its single point of management observers say, as it offers convenient and secure money transfers.
Get daily updates about the money transfer industry here.
