Flywire expands offering to meet market demands
Global payment solutions provider Flywire has announced an expanded offering for educational institutions that will allow them to meet the needs of both domestic and international students from a single payment platform while reducing reconciliation requirements and operational costs.
Flywire has processed millions of transactions for 1.6 million students at over 2,000 institutions, and now enables institutions to seamlessly receive and reconcile payments from students and their families regardless of location.
“This approach future-proofs the payment process to deliver better service levels for students”
“To date, a lot of institutions have been forced to use multiple payment providers to serve all of their students,” said Sharon Butler, executive vice president for global education at Flywire.
“With our expanded receivables solution, schools can now select from the industry’s most comprehensive digital payment and reconciliation capabilities to address varying requirements – whether that’s processing complex payments or helping students tackle rising tuition costs and student debt with more flexible payment options.
“This approach future-proofs the payment process to deliver better service levels for students and greater efficiency for the institution,” Butler added.
The Flywire platform is also backed by multilingual customer service and a global payment network that supports 150 currencies across 240 countries and territories.
“Flywire enables us to offer students low-cost payment plans tailored to fit specific financial situations, ” said John Hockersmith, associate director, USFSCO, at the University of Illinois.
“As a customer-friendly tool for making payment arrangements on past-due balances, A/R Collect facilitates payment plans that allow our students to easily re-enrol and remain in school.
Flywire and its service provide our students and their families a secure, low cost, fully integrated payment process that operates like an extension of our university. It is a win-win for everyone involved.”
Flywire’s expanded offering was initially piloted in the US and is in service at 70 higher education institutions. The solution is now generally available in the US and UK with future plans for worldwide deployment.