HDFC Bank, Flywire Collaborate to Offer Edu digital Payments
Payments software company Flywire has teamed up with India’s Largest private sector giant HDFC Bank to help students in India pay education fees at institutions around the world.
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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”.
The launch comes months after Flywire announced it had purchased the international education payments platform Cohort Go.
What Has Been Said:
The company said 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.
Need of This:
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.
The 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.
As the demand for higher education experiences abroad remains strong, Indian students are increasingly an important cohort from which to recruit. According to the 2022 Open Doors Report, nearly 200,000 Indian students studied in the United States during the 2021-2022 academic year, which represents a 19% increase over the prior year. Another report by ICEF also forecasts that the Indian outbound student population will go to a wider range of host countries, and will more than double over the next few years, to reach 1.8 million students by 2024.