Business
Flywire Partners with HDFC Bank to Digitize Education Payments from India
Provides Indian students a fully digital checkout experience for cross-border education payments Enhances transparency and digitizes Liberalised Remittance
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Provides Indian students a fully digital checkout experience for cross-border education payments Enhances transparency and digitizes Liberalised Remittance Scheme (LRS) documentation process for payers BOSTON, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (Flywire), a global payments enablement and software company, today announced that it has partnered with HDFC Bank Limited, India’s largest private-sector bank, to enable Indian payers to seamlessly and digitally pay international education fees to higher education institutions all over the world. The integration provides students and families a streamlined experience when making high-value education payments and helps them comply with LRS requirements, which are guidelines to help streamline overseas transactions and investments for Indian residents. Flywire integrates directly into HDFC Bank’s banking platform, providing Indian students with a fully digital checkout experience for their transactions, ranging from application fees to tuition payments. Students can make the payment in Indian rupees, and benefit from a secure and streamlined payment experience, with assurance that the funds are delivered to the educational institution. Likewise, institutions accepting payments through Flywire benefit from receiving payments on time in the local currency, as well as full transparency into the transaction history, which eases their reconciliation processes and streamlines operational efficiencies. As the demand for higher education experiences abroad remains strong, Indian students are increasingly an important cohort from which to recruit. According to the 2022 Open Doors Report, nearly 200,000 Indian students studied in the United States during the 2021-2022 academic year, which represents a 19% increase over the prior year. Another report by ICEF also forecasts that the Indian outbound student population will go to a wider range of host countries, and will more than double over the next few years, to reach 1.8 million students by 2024. Despite these mobility trends, Indian students have traditionally been faced with a lengthy, paper-based experience when it comes to making tuition payments. As a result, Indian students are seeking a simpler, more flexible payment process for their international payments. According to a Flywire report, 82% of Indian studen...