Flywire, a company that solves payment problems for businesses and institutions, announced Tuesday (Oct. 16) that it has launched a simpler way for students in India to pay tuition fees to global universities.
In a press release, Flywire said that by leveraging the framework created by the Reserve Bank of India, Flywire – along with Deutsche Bank – said it is one of the first companies to streamline the onshore collection of the Indian rupee for student fees. Flywire said that enables it to digitize the paperwork and declarations required for transferring funds abroad from India.
The process became available on Aug. 1 for payments to any institution that uses Flywire to process international payments. Flywire said remitters will be able to access a fully automated workflow for submission of documents and declarations, which it said will remove the need for a manual process that requires multiple steps.
“We’re very pleased to be able to work with Deutsche Bank to offer this option to make cross-border transactions easier for Indian students and their families,” said Ryan Frere, vice president of global payments for Flywire, in the press release. “India is one of the fastest-growing source countries for international students in the world, and we strive to offer the most convenient and efficient local payment methods – no matter where they originate.”
According to Flywire, the payments company has processed more than $8 billion for over 1,400 clients in the education, business and healthcare industries. With Flywire, the company said institutions can offer students and families a secure payment venue that can be customized by business and country. “Deutsche Bank is extremely proud to partner with Flywire on this innovative solution, and it is great to see how automation can not only bring in efficiencies, but also enhance controls on a regulatory process,” said Anjali Mohanty, managing director and head of global transaction banking, India.