India—Flywire, a company that solves complex payment problems for leading businesses and institutions, announced a simpler way for students in India to pay tuition fees to global universities. Leveraging the framework established by the Reserve Bank of India (RBI), Flywire, in conjunction with Deutsche bank, is among the first companies of its type to streamline the onshore collection of Indian Rupee for student fees. This enables Flywire to digitize the cumbersome paperwork and declarations typically required for transferring funds abroad.
The new simplified process became available August 1, 2018 for payments to any institution using Flywire to process international payments. Remitters will be able to leverage a fully automated workflow for submission of documents and declarations, eliminating the need for a multi-step manual process. This offers substantial time-savings for remitters while ensuring compliance with extant regulations. “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. “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. Over time, we expect the maximum payment amount qualifying for this program to increase, further streamlining the experience.”
Flywire has processed over $8 billion for over 1,400 clients in education, business, and healthcare. The company has established its global payment network and processing platform as the industry standard for large-sum international and domestic transactions, providing a single point of management and payer engagement from billing and payment through reconciliation. With Flywire, institutions can offer students and families a highly-tailored, convenient and secure payment experience – customized by business, country, and currency – while accelerating funds flow and streamlining operational expense.
“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 & Head- Global Transaction Banking, India.
Re-disseminated by The Asian Banker