HDFC Bank Limited on Monday announced that it has partnered with Flywire Corporation, a global payments enablement and software company, to help Indian payers to easily pay international education fees to higher education institutions digitally.
HDFC Bank integrates directly with Flywire’s platform, providing Indian students and families a streamlined experience when making high-value tuition payments and helps them comply with LRS requirements. They will be able to get a fully digital checkout experience for their transactions, ranging from application fees to tuition payments.
Make and receive payments in local currency
Students can make the payment in Indian rupees while institutions will be able to accept payments on time in the local currency and they can both have full transparency into the transaction history, which eases their reconciliation processes and streamlines operational efficiencies.
Lengthy, paper-based experience
The demand for higher education experiences abroad remains strong with nearly 200,000 Indian students studying in the United States during the 2021-2022 academic year, which represents a 19% increase over the prior year, according to the 2022 Open Doors Report.
But despite these mobility trends, students have to face a lengthy, paper-based experience when it comes to making tuition payments. As a result, Indian students are seeking a simpler, more flexible payment process for their international payments. The integration between both HDFC Bank and Flywire will help transform this lengthy and complex process to one that is completely online.
Liberalised Remittance Scheme
The integration also streamlines the compliance process for Liberalised Remittance Scheme (LRS), which are guidelines set by the Reserve Bank of India that enable Indian residents to remit up to $250,000 USD overseas, per financial year. Students will be able to get all necessary verification under LRS requirements quickly, and all from within their digital payment experience.
Benefits for the institution
The integration also benefits institutions, as they can automatically capture all relevant student information, ensuring payments are accurate and identifiable. Flywire identifies the source of payments delivered to an institutions’ bank account and automatically posts each payment to the correct student record.
“Our combined network and scale of solutions will allow students and families to conveniently and securely manage their international payments, whether they’re in India or abroad. By partnering with Flywire, we’re expanding the footprint of our payments solutions to benefit the next generation of students,” said Jatinder Gupta, Business Head - Retail Trade and Forex, HDFC Bank.
“One of the leading advantages of this partnership is the sheer convenience of it for payers, as it reduces time and documentation they’d normally have to provide,” said Mohit Kansal, VP of Global Payments, Flywire.
