HDFC Bank partners with Flywire
- ByStartupStory | November 21, 2022
The world’s largest private-sector bank, HDFC Bank Limited, today announced a partnership with Flywire Corporation, a worldwide payments enablement and software firm, to make it easier and more convenient for Indian citizens to pay for higher education abroad. The integration makes it easier for families and students to pay high-value tuition while also helping them to comply with LRS criteria.
Indian students now have access to a fully digital checkout process for everything from application fees to tuition payments thanks to HDFC Bank’s direct partnership with Flywire’s platform. Students can make payments in Indian rupees and take advantage of a secure and straightforward payment process, knowing that the money will be transferred to the educational institution. Similar to this, organisations using Flywire to take payments gain from fast payments in local currency and complete transparency into transaction history, which streamlines operational efficiencies and makes reconciliation processes simpler.
Indian students are becoming an increasingly important population to recruit from since there is a continued strong demand for overseas higher education experiences. About 200,000 Indian students studied in the US during the academic year 2021–2022, up 19% from the year before, according to the 2022 Open Doors Report. Another ICEF report predicts that by 2024, there will be 1.8 million Indian students studying abroad in a wider variety of host nations after more than doubling in the coming years. Despite their propensity for movement, Indian students have generally had to complete a drawn-out, paper-based tuition payment process. Indian students are therefore seeking a simpler, more adaptable payment mechanism for international transactions. A Flywire survey found that 82% of Indian students agreed that more convenient payment options would enhance their academic experience.
The partnership between HDFC Bank and Flywire provides a new way to pay for overseas education that is advantageous to both institutions and students. First, the connection makes it possible for a seamless and digital payment experience, turning what was once a laborious and complicated process into one that is entirely online. The integration also makes it easier to comply with the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India, which permits Indian citizens to send up to $250,000 USD outside each fiscal year.
The crucial LRS verification is quickly provided by HDFC Bank and Flywire from within the payer’s digital payment experience. Institutions gain from the integration because it enables them to automatically capture all pertinent student data, resulting in payments that are precise and identifiable. The source of payments made to a bank account is recognised by Flywire, which then automatically posts each payment to the correct student record.
Jatinder Gupta, Business Head – Retail Trade and Forex, HDFC Bank, stated “We are thrilled to work with Flywire and offer a comprehensive suite of payments solutions to Indian students.” “Whether they are in India or overseas, students and families will be able to conveniently and safely manage their international payments thanks to our network and scope of solutions. We’re extending the reach of our payment options to help the upcoming generation of students by working with Flywire.
According to Mohit Kansal, VP of Global Payments at Flywire, “one of the top benefits of this partnership is the sheer convenience it provides for payers, as it reduces the time and documentation they’d normally have to provide.” “The combination of HDFC’s extensive banking network and Flywire’s payment technology creates an open-banking experience for Indian payers, allowing them to convert what could typically be a paper-based process to one that is now entirely online.”
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