SBI and Flywire collaborate to improve student payments for overseas education

SBI and Flywire collaborate to improve student payments for overseas education

SBI and Flywire collaborate to improve student payments for overseas education

According to the bank, the alliance intends to streamline the customarily intricate payment procedure and provide students a smooth, entirely digital experience.

Flywire's technology is seamlessly integrated into SBI's platform, allowing Indian students to conveniently complete their foreign education payments in Indian Rupees.

On February 7, State Bank of India (SBI) announced that it has partnered with Flywire Corporation to transform the way Indian students pay for their abroad education.

This tacticalThrough the cooperation, students will benefit from a smooth, fully digital experience while the previously complicated payment procedure is made simpler.

Flywire's technology, which is directly integrated into SBI's platform, will make it easy for Indian students to pay for their overseas education in Indian rupees, the bank said in a press statement.

Additionally, by working together, pertinent student data will be automatically collected, guaranteeing transaction correctness and traceability. This improves compliance and transparency by being in accordance with the Reserve Bank of India's Liberalized Remittance Scheme (LRS) rules.

The project is launched at a crucial time since Indian students are expected to treble in number by 2024, making a substantial financial contribution to the global education system.

This cooperative endeavor is a result of the need to update and move from paper-based to digital payment systems.

Mohit Kansal, Flywire's senior vice president of global payments, highlighted the integration's "transformational impact," which reduced the once-complex procedure to a few simplified stages.