Home   »   Banking Current Affairs 2023   »   SBI-Flywire Partnership: Revolutionizing International Education Payments

SBI-Flywire Partnership: Revolutionizing International Education Payments

Flywire Corporation, in collaboration with the State Bank of India (SBI), aims to modernize and digitize international education payments for Indian students. This partnership facilitates seamless transactions in Indian Rupees, ensuring compliance with the Liberalized Remittance Scheme (LRS) guidelines.

Integration into SBI Banking Platform

  • Flywire integrates directly into SBI’s banking platform.
  • Enables Indian students to experience a fully digital checkout process within SBI’s net banking platform.
  • Transactions are conducted in Indian Rupees, enhancing convenience and transparency.

Streamlined Payment Process for Students

  • Students can complete payments in three simple steps, ranging from application fees to tuition payments.
  • Offers end-to-end tracking of payments until they are delivered to the respective universities.
  • Simplifies the traditionally paper-based and lengthy payment process for Indian students.

Benefits for Institutions and Students

  • Institutions receive payments on time in the local currency, improving operational efficiency.
  • Provides full transparency into transaction history, easing reconciliation processes.
  • Enhances the education experience for Indian students by offering a simpler payment process.

Compliance with LRS Guidelines

  • Ensures compliance with the Reserve Bank of India’s guidelines regarding overseas transactions.
  • Facilitates quick adherence to LRS requirements within the digital payment experience.

About Flywire

  • Global payments enablement and software company focused on providing streamlined payment solutions.
  • Supports over 3,700 clients across various industries, including education, healthcare, and travel.
  • Offers diverse payment methods in more than 140 currencies across 240 countries and territories worldwide.

 

SBI-Flywire Partnership: Revolutionizing International Education Payments_40.1

 

 

SBI-Flywire Partnership: Revolutionizing International Education Payments_50.1

TOPICS: