HDFC Bank Limited, India’s largest private-sector bank, today announced that it has partnered with Flywire Corporation (Nasdaq: FLYW) (Flywire), a global payments enablement and software company, to enable Indian payers to seamlessly and digitally pay international education fees to higher education institutions all over the world. The integration provides students and families a streamlined experience when making high-value tuition payments and helps them comply with LRS requirements.
HDFC Bank integrates directly with Flywire’s platform, providing Indian students with a fully digital checkout experience for their transactions, ranging from application fees to tuition payments. Students can make the payment in Indian rupees, and benefit from a secure and streamlined payment experience, with assurance that the funds are delivered to the educational institution. Likewise, institutions accepting payments through Flywire benefit from receiving payments on time in the local currency, as well as full transparency into the transaction history, which eases their reconciliation processes and streamlines operational efficiencies.
The partnership between HDFC Bank and Flywire provides an innovative approach to overseas education payments and offers many benefits to students and institutions alike. First, the integration creates a seamless and digital payment experience, transforming what was formerly a lengthy and complex process to one that is completely online. 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. HDFC Bank and Flywire provide all the necessary verification under LRS requirements quickly, and all from within the payer’s digital payment experience. 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.
“We are pleased to partner with Flywire and offer a comprehensive suite of payments solutions to Indian students,” said Jatinder Gupta, Business Head – Retail Trade and Forex, HDFC Bank. “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.”