back Back

State Bank of India (SBI) & Flywire team to digitize education payments

By Gloria Mathias

February 12, 2024

  • Fintech news
  • FinTech solutions
  • Global FinTech News
Share

State Bank of India, Fintech news, Fintech Solutions, Payments Solutions, Payments Education, Indian Rupees, Local currency, India Fintech news, Global Fintech news, Flywire Corporation (Flywire), a global payments software company, has announced that it has partnered with the State Bank of India to enable Indian payers to pay international education-related fees seamlessly and digitally in Indian rupees to higher education institutions globally.

The integration provides students and families with a streamlined and completely digital experience when making high-value education payments and helps them comply with the Liberalised Remittance Scheme (LRS), which is a set of 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.

The partnership between Flywire and SBI provides a novel 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 into 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.

“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 at Flywire.

A spokesperson at SBI shared, “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.”

Previous Article

February 12, 2024

LIC HFL implements Pennant Technologies’ lending platform to boost business efficiency

Read More
Next Article

February 12, 2024

The Monday Roundup: what we are watching this week | February 12th

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Fintech news

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Intellect unveils ‘First Principles’ technology suite, eMACH.ai, for bankers in the Middle East and Africa

Read More

February 23, 2024

Crédit Agricole du Maroc tap Entrust to boost digital payment offerings

Read More

February 23, 2024

Ebury and Nium team to offer cross-border payments in Brazil

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023