Flywire, a leading provider of international payment and receivables solutions, continued its strong growth in the education sector in the recently completed fiscal year. Over the last year, the company achieved record results in payments processed, and institutions and students served. Flywire also added new payment alternatives with several new partnerships and expanded its global operations.
The company has built a robust business serving educational institutions around the world since 2011 and has established its platform as the preferred solution for international payments and receivables processing. Schools use it to offer students and their families a highly-tailored, international payment experience – customized by country, currency and institution. In addition, school financial and operations teams benefit from streamlined reconciliation and tracking of international payments.
Several milestones demonstrate the company’s strong performance in the Education sector over the last year:
Sharp Increases in Cross-Border Education Payments, Clients and Students
Since its founding, Flywire has processed over $5 billion in educational payments.
The number of Education-related transactions grew 250% in APAC/EMEA combined, compared to the previous fiscal year.
The company added over 300 new educational clients, bringing its total to over 1,300.
Northeastern University, Kent State University and the University of Hawaii are some of the latest schools to offer Flywire as the preferred payment service for their international students.
New Partnerships Expand School and Student Choice
PayPal - In June, Flywire added PayPal Wallet to its payment options for students and families in Canada, the European Union, the United Kingdom and the United States. Integration between the solutions streamlines payment reconciliation for schools and gives students and families another popular and convenient option when making international payments.
Cashnet/Blackboard - In late May, Flywire entered into a strategic partnership with Cashnet, a Blackboard company. The agreement integrates the Flywire and Cashnet solutions and enables Cashnet to offer support to both companies’ many mutual education clients. The collaboration also makes it easy for schools to leverage the full capabilities of both solutions to streamline the payment and reconciliation process.
First Data – In early May, First Data and Flywire formed a reciprocal referral relationship, providing clients with a seamless integration between Flywire’s international payment and receivables platform, and First Data’s vast client network and technology solutions. The partnership significantly expands card payment options for Flywire clients and enables First Data education clients to leverage the Flywire platform to accept large sum international payments from their customers, while providing added transparency and easier reconciliation.
Expanded Global Operations
In August 2016, Flywire opened a new office in Sydney, Australia to support its growing local operations there. Australia is the third most popular destination in the world for international education behind only the United States and the United Kingdom. The move builds on Flywire’s existing Asia-Pacific presence in Shanghai, Singapore and Tokyo, and strong growth worldwide.
“International education is big business and sending and accepting international tuition payments has become exceedingly complex in today’s global marketplace,” said Mike Massaro, CEO of Flywire. “Our focus is on taking all the friction out of those transactions for both students and schools and making them as easy and familiar as any domestic payment.”
Flywire is a leading provider of international payment solutions, connecting businesses and institutions with their customers on six continents. Introduced six years ago as a way for international students to pay their tuition for studies abroad, Flywire is now used by over 1,300 organizations across 18 countries around the world. The company processes billions in payments per year from 220 countries and territories, via bank transfer, credit card and e-wallet solutions, in over 120 different local currencies. Convenient, fast and secure, Flywire’s scalable platform provides currency conversion at exchange rates that can offer significant savings when compared to home-market banks and credit card providers. The company also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as 24/7 online payment tracking.
Flywire is headquartered in Boston, MA with international operations in London and Manchester, UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia; and Valencia, Spain. For more information, visit www.Flywire.com.