Payment software company Flywire has partnered with Indian bank HDFC to help Indian students pay tuition fees at institutions around the world.
The companies said in a Thursday, Nov. 17, press release that the integration streamlines payments for students and families while ensuring they comply with international translation guidelines.
“One of the main benefits of this partnership is its convenience for payers, as it reduces the time and documentation they would normally have to provide,” said Mohit Kansal, vice president of global payments at Flywire.
“The combination of Flywire’s payment technology and HDFC’s extensive banking network creates an open banking experience for Indian payers, allowing them to transform what might normally be a paper-based process into one that is now fully online,” said Kansal.
By integrating with HDFC Bank’s banking platform, Flywire offers Indian students fully digital payment options for uses ranging from application fees to tuition fee payments.
Meanwhile, schools accepting these payments will receive their payments on time and in their local currencies, “along with full transparency into transaction history, which facilitates their reconciliation processes and streamlines operational efficiency,” it said. said Flywire.
The launch comes months after Flywire announced it had purchased international education payments platform Cohort Go.
The company said at the time that the acquisition would help it accelerate the growth of its agent team, improve its product and payments innovation and deepen its investments in the Asia-Pacific region.
As PYMNTS noted earlier this year, payments — while an essential part of college — can also be a bit of a headache. Many schools rely on legacy payment systems that aren’t designed to meet modern payment needs, leading to a host of issues.
Our data shows that nearly 39% of colleges consider U.S. student loan programs difficult to manage, while 20% of college campus finance managers said losing too much money to fraud was the top challenge. .