Flywire has expanded its partnership with Workday and has integrated with Workday Student to streamline higher education payments around the world.
Following this announcement, the collaboration will integrate Flywire's payments and software platform with Workday Student, a student information system (SIS) that was developed in order to automate and streamline student operations, financials, academic planning, and registration.
In addition, as a Workday Certified provider, Flywire’s integration is expected to streamline the manner in which global higher education institutions that leverage Workday Student can manage their billing and payments processes, while also improving their overall administrative efficiency.
More information on the Flywire x Workday expanded partnership
Workday Student represents a system that was developed in order to streamline administrative processes through the strategy of unifying academic records, financial aid, student billing, and academic advising in a single system, while also focusing on the process of eliminating data silos and reducing manual work. Its modern, secure, and mobile-friendly interface aims to optimise the overall student experience by providing easy access to course registration, degree progress tracking, financial information, as well as others. At the same time, for administrators and faculty, Workday Student delivers analytics and reporting capabilities that focus on supporting student engagement and data-driven decision-making.
Through the process of integrating Flywire's specialised payments and software technology with Workday Student, the partnership aims to design an efficient and transparent financial ecosystem for global education. In addition, institutions and companies that are using Workday Student will be given the possibility to offer a streamlined payment experience with several payment options to their students and families directly within their student accounts. This process will take place without significant IT investment, while Flywire is set to improve the way students and families easily make and track payments in native currencies within the familiar Workday Student interface.
Alongside having a Workday Certified Integration for its payments capabilities, Flywire will have the possibility to integrate its Student Financial Software (SFS) solution with Workday Student in order to help institutions manage dynamic payment plans and past-due collections. At the same time, the real-time data synchronisation via Flywire's API is expected to ensure that students and families always access current account information within Flywire's portal, where they can easily view account details, retrieve 1098-T forms, make payments, as well as enroll in flexible payment plans.
Furthermore, all transactional and payment plan updates will be automatically posted back to Workday Student in real time, providing administrators with a comprehensive view of student financial activity and giving them the opportunity to access detailed transaction reports and self-service options directly within Flywire's service. An additional benefit for colleges and universities that are leveraging Workday Student is that Flywire also handles 529 disbursements, which focuses on digitising payment processing and automating cashiering with real-time posting so that student accounts are always up to date. At the same time, Flywire’s 529 disbursement solution also removes the need for paper checks, a strategy that aims to improve the overall process efficiency and expedite payment delivery.
Included in the key benefits provided by the partnership for educational institutions are the automatic student information capture (representing customised payment portals that capture all relevant student identification data, aiming to ensure that 100% of payments received are accurately identified), a streamlined student experience (they will be enabled to view their account balance and make a payment all in a singular workflow that is helping to reduce inquiries), reduced administrative challanges (the solution automates reconciliation, posting payments to the correct student records and eliminating the overall time-consuming tasks related to identifying and matching individual payments to bank statements), as well as optimised security (through the process of eliminating the need to publicly display or distribute bank details, institutions will have the possibility to significantly reduce fraud risk), and around-the-clock multilingual support (Flywire will provide around-the-clock support in more than 30 languages via chat, phone, and email, serving as an extension of the overall school's solutions).
