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 students are mostly concentrated in
the destination countries of the United States, Canada, the United
Kingdom and Australia.
Despite these mobility trends, Indian students
have traditionally been faced with a lengthy, paper-based
experience when it comes to making tuition payments, which can
cause unnecessary delays in payment. As a result, Indian students
are seeking a simpler, more flexible payment process for their
international payments. According to a recent Flywire report, 94%
of Indian students surveyed believe that simplified payment
processes would improve their education experience.
Creating a fully digital payment experience for
students in India
The partnership between Flywire and SBI provides
an innovative approach to education payments and offers many
benefits to students and institutions alike. First, the integration
creates a seamless and digital payment experience for the more than
480 million Indian residents who are customers of SBI, transforming
what was formerly a lengthy and complex process to one that is
completely online. SBI customers can complete payments from local
currency accounts to the thousands of Flywire education clients in
a simple, three step process.
The integration also streamlines the compliance
process for the LRS, which are guidelines set by the Reserve Bank
of India that enable residents of India to remit up to $250,000 USD
overseas, per financial year. Flywire and SBI help Indian residents
comply with the LRS requirements quickly from within the payer’s
digital payment experience.
The integration also benefits institutions, as
they can automatically capture all relevant student information,
ensuring payments are accurate and identifiable. Flywire identifies
the source of payments delivered to an institutions’ bank account
and automatically posts each payment to the applicable student
record.
“We are thrilled to partner with SBI to combine
their comprehensive banking network and Flywire’s payment
technology with the goal of transforming how international payments
are made,” said Mohit Kansal, SVP of Global Payments,
Flywire. “This powerful integration enables students to
transform what was typically a cumbersome, multi-day process into a
streamlined and seamless digital experience. We take all the
complexity away so all they need is a login and a computer or a
mobile phone.”
SBI said: “We are pleased to partner with
Flywire and offer this unique offering to Indian students and
customers of SBI. By partnering with Flywire, we’re expanding the
footprint of our payment solutions to benefit the next generation
of students.”
About Flywire
Flywire is a global payments enablement and software company. We
combine our proprietary global payments network, next-gen payments
platform and vertical-specific software to deliver the most
important and complex payments for our clients and their
customers.
Flywire leverages its vertical-specific software and payments
technology to deeply embed within the existing A/R workflows for
its clients across the education, healthcare and travel vertical
markets, as well as in key B2B industries. Flywire also integrates
with leading ERP systems, such as NetSuite, so organizations can
optimize the payment experience for their customers while
eliminating operational challenges.
Flywire supports more than 3,700 clients with diverse payment
methods in more than 140 currencies across more than 240 countries
and territories around the world. The company is headquartered in
Boston, MA, USA with global offices. For more information, visit
www.flywire.com. Follow Flywire on
X , LinkedIn and
Facebook.
About SBI
State Bank of India is the largest commercial
bank in terms of assets, deposits, branches, customers, and
employees. It is also the largest mortgage lender in the country
which has so far fulfilled the home-buying dreams of over 30 lakh
Indian families. The home loan portfolio of the bank has crossed
Rs. 6.72 lakh crore. As of September 2023, the bank has a deposit
base of over Rs. 46.89 lakh crore with CASA ratio of 41.88% and
advances of more than Rs. 34.11 lakh crore. SBI commands a market
share of 27.4% and 19.3% in home loans and auto loans respectively.
SBI has the largest network of 22,400+ branches and 65,600+ ATMs /
ADWMs in India with 79,647 BC outlets. The number of customers
using internet banking and mobile banking stand at 122 million and
107 million respectively. With SBI’s digital strategy right on
track – the bank witnessed 61% of new savings accounts being opened
through the integrated digital and lifestyle platform YONO in
Q2FY24. YONO, which has more than 6.72 crore registered users,
witnessed 36 lakh new YONO registrations in Q2 FY24. In terms of
digital lending, the bank disbursed pre-approved personal loans
worth Rs. 7,489 crores through YONO in the same period. SBI also
has the highest number of followers on Facebook and Twitter amongst
all banks worldwide.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding the effects of
payment processes on students and their education experience,
market grown and trends, and Flywire’s objectives and expectations
for the partnership with SBI. Flywire intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. In some cases, you can identify
forward-looking statements by terms such as, but not limited to,
“believe,” “may,” “will,” “potentially,” “estimate,” “continue,”
“anticipate,” “intend,” “could,” “would,” “project,” “target,”
“plan,” “expect,” or the negative of these terms, and similar
expressions intended to identify forward-looking statements. Such
forward-looking statements are based upon current expectations that
involve risks, changes in circumstances, assumptions, and
uncertainties. Important factors that could cause actual results to
differ materially from those reflected in Flywire's forward-looking
statements include, among others, the factors that are described in
the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of
Flywire's Annual Report on Form 10-K for the year ended December
31, 2022 and Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, which are on file with the Securities and
Exchange Commission (SEC) and available on the SEC's website at
https://www.sec.gov/. Additional factors may be
described in those sections of Flywire’s Annual Report on Form 10-K
for the year ended December 31, 2023, expected to be filed with the
SEC in the first quarter of 2024. The information in this release
is provided only as of the date of this release, and Flywire
undertakes no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
Contacts
Media:
Sarah KingSarah.King@Flywire.com
Prosek Partnerspro-flywire@prosek.com
Investor Relations:
Akil Hollisir@Flywire.com
Flywire (NASDAQ:FLYW)
Historical Stock Chart
From Apr 2024 to May 2024
Flywire (NASDAQ:FLYW)
Historical Stock Chart
From May 2023 to May 2024