The companies said in a Thursday (Nov. 17) news release that the integration streamlines payments for students and families while also making sure they comply with international translation guidelines.
“One of the leading advantages of this partnership is the sheer convenience of it for payers, as it reduces time and documentation they’d normally have to provide,” said Mohit Kansal, vice president of global payments at Flywire.
“The combination of Flywire’s payment technology and HDFC’s vast banking network creates an open-banking experience for Indian payers, enabling them to transform what could normally be a paper-based process, to one that’s now completely online,” Kansal said.
By integrating with HDFC Bank’s banking platform, Flywire gives Indian students fully digital checkout options for uses ranging from application fees to tuition payments.
Meanwhile, schools accepting these payments will get their payments on time and in their local currencies, “as well as full transparency into the transaction history, which eases their reconciliation processes and streamlines operational efficiencies,” Flywire said.
The launch comes months after Flywire announced it had purchased the international education payments platform Cohort Go.
The company said at the time that the acquisition will help it accelerate the growth of its agent team, improve its product and payments innovation and deepen its investment across the Asia Pacific region.
As PYMNTS noted earlier this year, payments — while an essential part of college — can also be somewhat of a headache. Many schools rely on legacy payment systems that aren’t designed to handle modern payment needs, giving rise to a range of problems.
Our data shows that close to 39% of colleges see U.S. student loan programs as difficult to work with, while a striking 20% of financial leaders on college campuses pointed to losing too much money to fraud as the key challenge.