Flywire to streamline cross-border payments from India

Wednesday 17 October 2018 10:35 CET | News

Flywire has announced a new process 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, streamlines the onshore collection of Indian Rupee for student fees. This enables Flywire to digitise the paperwork and declarations typically required for transferring funds abroad from India.

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 an automated workflow for submission of documents and declarations, eliminating the need for a multi-step manual process.

Flywire has processed over USD 8 billion for over 1,400 clients in education, business, and healthcare. The company provides a single point of management and payer engagement from billing and payment through reconciliation.

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Keywords: Flywire, cross-border payments, India, Reserve Bank of India (RBI), Deutsche Bank
Countries: World