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Flywire Partners with State Bank of India (SBI) to Digitize Education Payments from India
Provides students in India a fully digital checkout experience for cross-border education payments Partnership with India’s largest public sector bank expands
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[{"type":"text","content":"Provides students in India a fully digital checkout experience for cross-border education payments Partnership with India’s largest public sector bank expands Flywire’s presence in India, an important outbound student market BOSTON and MUMBAI, India, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (Flywire), a global payments enablement and software company, today announced that it has partnered with State Bank of India, India’s largest public sector bank, to enable Indian payers to seamlessly and digitally pay international education-related fees in their local currency (Indian Rupees) to higher education institutions all over the world. The integration provides students and families a streamlined and completely digital experience when making high-value education payments, and helps them comply with the Liberalized Remittance Scheme (LRS), which are guidelines to help streamline overseas transactions and investments for residents of India. Flywire integrates directly into SBI’s banking platform, providing Indian students with a fully digital checkout experience for their transactions, ranging from application fees to tuition payments. The solution is available only to local currency account holders of SBI in India. Students can make the payment in three simple steps from within their SBI net banking platform, all in Indian rupees, and can track the payment through to when the funds are delivered to their university. 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. Capitalizing on the rise of Indian outbound students Indian students continue to be a key driver of international education and a boon for the global economy. According to the Open Doors® 2023 Report on International Educational Exchange, India sent a record number of students to the U.S. for the 2022-2023 academic year, representing an increase of 35% over the prior academic year. Another report from University Living forecasts that as many as two million Indian students will study abroad by 2025 and that direct global spending on study abroad by Indian students could reach US $70 billion USD by 2025. The report cites that Indian stud...