Tuition payments for Overseas Education made easy by Flywire
Posted on November 17, 2018
India is presently one of the largest markets for students studying abroad. There are around 500,000 Indian students studying in 86 nations worldwide. The growth rate has even surpassed that of China which has always been in the first position.
The Global Payments VP at Flywire, Ryan Frere said that India is a hugely important market for them. It is a leading provider of global payment solutions. India with its rapidly growing population of students aiming for Overseas Education is their primary focus right now. He added that they are deeply investing to improve the payments process for Indian students.
To implement that, Flywire has used the framework by the Reserve Bank of India (RBI), and worked with Deutsche Bank. It has found a simpler way to transmit Indian rupees for student fees. According to Frere, this new process is much more streamlined.
The New Process:
As quoted by PYMNTS.com, the old process was cumbersome. It was not simple to send money abroad from India through that process. Hence, Flywire has now removed all the manual gathering and submitting paperwork. It has now come up with a digitized and automated documentation and submission process.
Frere explained why this new change was crucial for Indian students pursuing overseas education. Students can now log into the website and enter their PAN ID. The bank can then use this ID to access whatever information it needs to process the paperwork. Subsequently, the fund will be transmitted. In addition, students can take loans and transmit them through the platform.
The Global Picture:
Frere said that India is a unique market. With demonetization, national ID and biometric authentication, there is nothing out there quite like in the Indian market. All these recent changes have pushed Flywire forward to bring a solution like the one it is rolling out.
However, their mission is still the same. They have served more than 1,400 clients in education, business and healthcare. They enable payers in one nation to make their tuition payment anywhere across the globe easily and transparently.
Frere acknowledged that it’s a big goal. 55 percent of the half-million Indian students are going the US or Canada for Overseas Education. The remaining 45 percent are headed for 84 other countries. They all are looking for a payment method that makes this process as simple as possible.
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