State Bank of India (SBI) & Flywire team to digitize education payments
By Gloria Mathias
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.”
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