Flywire and HDFC Team Up to Make Education Payments Easier
Flywire, a payments software business, has partnered with India’s HDFC Bank to assist Indian students in paying college tuition at universities throughout the globe.
According to a press release from the firms on Thursday (Nov. 17), the integration facilitates payments for students and families while ensuring compliance with foreign translation rules.
“One of the leading advantages of this partnership is the sheer convenience of it for payers, as it reduces time and documentation they’d normally have to provide,” said Mohit Kansal, vice president of global payments at Flywire.
“The combination of Flywire’s payment technology and HDFC’s vast banking network creates an open-banking experience for Indian payers, enabling them to transform what could normally be a paper-based process to one that’s now completely online,” Kansal said.
Flywire provides Indian students with digital checkout choices for usage ranging from application fees to tuition payments by connecting with HDFC Bank’s banking systems.
Schools that accept these payments will get their money on time and in their currency. “as well as full transparency into the transaction history, which eases their reconciliation processes and streamlines operational efficiencies,” Flywire said.
The announcement comes months after Flywire announced the acquisition of the worldwide education payments platform Cohort Go.
The purchase, the business stated at the time, will help it speed the expansion of its agent team, increase product and payment innovation, and expand its investment throughout the Asia Pacific region.
Payments are an essential aspect of education but may also be a source of stress. Many schools depend on historical payment systems that aren’t built to manage current payment requirements, which causes a slew of issues.
According to our statistics, over 39% of institutions find US student loan systems challenging to deal with, while a startling 20% of finance executives on college campuses cite losing too much money to fraud as the primary concern.
