Flywire Corporation (Nasdaq: FLYW) a global payments-enablement and
software company, today announced the expansion of its digital
education payments business in Canada. In response to client
demand, Flywire is expanding the comprehensive receivables solution
it offers to Canadian institutions, enabling them to support a
variety of payment options on campus, including international,
domestic, payment plans and more.
Canada is a popular destination for international students from
around the world and is also a thriving domestic education market.
More than 530,000 international students study in Canada across all
levels of education and annually, approximately 2.1 million
students are enrolled in post-secondary education.
However, many schools are forced to use different payment
systems and tools to process student payments, increasing the costs
and complexity in their financial operations. Amidst the rise in
education costs, institutions are also looking for ways to make
education payments easier and more affordable for students and
their families by offering flexible payment schedules and
additional online methods.
“Flywire has already offered Canadian institutions the ability
to digitize and streamline cross-border education payments for
international students,” said Sharon Butler, EVP of Education,
Flywire. “Now, with the addition of our domestic payment offering
in Canada, Flywire enables schools to seamlessly receive and
reconcile payments from all students, all from within a single
solution.”
For students, Flywire provides a simple, easy and affordable way
to pay; for institutions, Flywire helps staff achieve operational
efficiencies so they can do more with less to attract, retain and
engage students worldwide.
"The payment solutions that Flywire offers are important to
Simon Fraser University now more than ever," said Korina Chu,
Director, Student Financials. "For both our domestic and
international students, the pandemic has precipitated the need for
digital, flexible payment options that let students pay on their
own terms, in a way that makes the cost of their education more
manageable. Flywire meets our students' needs, and saves us
valuable time and resources."
The new Flywire capabilities immediately available to Canadian
institutions include:
- Domestic Payments – Receiving, tracking and
reconciling domestic payments from Canadian payers through wire,
EFT/direct debit or credit card.
- Payment Plans – Offering Canadian students
flexible terms and payment plan options to better manage education
costs; can be initiated by students or schools.
- A/R Collect – Automating past-due receivables
collection internally and facilitating proactive collection of
past-due accounts; reduces collection agency placements, keeps more
students enrolled.
- Secure Checkout – Allowing schools to capture
ancillary payments easily and securely while reducing PCI scope and
protecting students and institutions.
- Virtual Terminal – Centralizing student
billing and non-student account transactions on a single,
easy-to-use payment platform for in-person or over-the-phone
transactions.
- Billing – Allowing schools to provide account
activity details and send actionable reminders that engage and
encourage students to make immediate payments.
- SIS Integrations – Enabling real-time data
flow between the SIS and Flywire and reflecting payments in real
time directly in the student’s account in PeopleSoft, or Banner or
Colleague, improving staff efficiencies and the student
experience.
Resources
- Flywire will be exhibiting at two upcoming Canadian conferences
- The ongoing virtual Ontario Association of International
Education (OAIE) until June 11
- The Canadian Association of University Business Officers
(CAUBO) 2021 Annual Conference from June 15 - June 17.
- To schedule a meeting at Flywire, or to speak to a
representative at either event, contact
marketingevents@Flywire.com.
- Flywire is also hosting a virtual roadshow on Canadian higher
education on June 24th, 2021 at 2:00 pm ET. Learn how Flywire is
enabling Canadian institutions to meet student demand for more
flexible payment options. Join here
- Learn more about Flywire’s digital education payments platform,
trusted by thousands of institutions and millions of students
worldwide: Flywire's Comprehensible Receivables Solution
- Learn more about how Flywire’s agent platform connects agents,
students and schools to simplify the payment process and provide
real-time visibility: Flywire's Education Agent Platform
About Flywire
Flywire Corporation (Nasdaq: FLYW) is a global payments
enablement and software company. Flywire combines its proprietary
global payments network, next-gen payments platform and
vertical-specific software to deliver the most important and
complex payments for its 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, so organizations can optimize the payment
experience for their customers while eliminating operational
challenges.
Flywire supports 2,250+ clients with diverse payment methods in
more than 130 currencies across 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
Twitter, LinkedIn and
Facebook.
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 our future
operating results and financial position, our business strategy and
plans, market growth, and our objectives for future operations.
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,
Flywire’s future financial performance, including its expectations
regarding our revenue, cost and operating expenses, including
changes in technology and development, selling and marketing and
general and administrative expenses (including any components of
the foregoing), gross profit and Flywire’s ability to achieve, and
maintain, future profitability; Flywire’s business plan and its
ability to effectively manage its growth; Flywire’s market
opportunity, including estimates regarding its total addressable
payment volume; Flywire’s cross-border expansion plans and ability
to expand internationally; anticipated trends, growth rates, and
challenges in Flywire’s business and in the markets in which it
operates; the sufficiency of Flywire’s cash and cash equivalents to
meet its liquidity needs; political, economic, legal, social and
health risks, including the recent COVID-19 pandemic and subsequent
public health measures that may affect Flywire’s business or the
global economy; beliefs and objectives for future operations;
Flywire’s ability to develop and protect its brand; Flywire’s
ability to maintain and grow the payment volume that it processes;
Flywire’s ability to further attract, retain, and expand its client
base; Flywire’s ability to develop new solutions and services and
bring them to market in a timely manner; Flywire’s expectations
concerning relationships with third parties, including strategic
partners; the effects of increased competition in Flywire’s markets
and its ability to compete effectively; future acquisitions or
investments in complementary companies, products, services, or
technologies; Flywire’s ability to enter new client verticals,
including its relatively new B2B sector; Flywire’s expectations
regarding anticipated technology needs and developments and its
ability to address those needs and developments with its solutions;
Flywire’s expectations regarding litigation and legal and
regulatory matters; Flywire’s expectations regarding its ability to
meet existing performance obligations and maintain the operability
of its solutions; Flywire’s expectations regarding the effects of
existing and developing laws and regulations, including with
respect to payments and financial services, taxation, privacy and
data protection; economic and industry trends, projected growth, or
trend analysis; Flywire’s ability to attract and retain qualified
employees; Flywire’s ability to maintain, protect, and enhance its
intellectual property; Flywire’s ability to maintain the security
and availability of its solutions; the future market price of
Flywire’s common stock; and other 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 Prospectus, which is 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 Quarterly Report on Form 10-Q for the quarter
ended June 30, 2021, expected to be filed with the SEC in the third
quarter of 2021.
Contacts
Media:Sarah
KingSarah.King@Flywire.com
Prosek Partnerspro-flywire@prosek.com
Investor
Relations:ICRflywireir@icrinc.com
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