Flywire Corporation announced that it has partnered with State Bank of India to enable Indian payers to seamlessly and digitally pay international education-related fees in their local currency (Indian Rupees) to higher education institutions all over the world. The integration provides students and families a streamlined and completely digital experience when making high-value education payments, and helps them comply with the Liberalized Remittance Scheme (LRS), which are guidelines to help streamline overseas transactions and investments for residents of India. Flywire integrates directly into SBI?s banking platform, providing Indian students with a fully digital checkout experience for their transactions, ranging from application fees to tuition payments.

The solution is available only to local currency account holders of SBI in India. Students can make the payment in three simple steps from within their SBI net banking platform, all in Indian rupees, and can track the payment through to when the funds are delivered to their university. 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 Flywire and SBI provides an innovative approach to education payments and offers many benefits to students and institutions alike. First, the integration creates a seamless and digital payment experience for the more than 480 million Indian residents who are customers of SBI, transforming what was formerly a lengthy and complex process to one that is completely online. SBI customers can complete payments from local currency accounts to the thousands of Flywire education clients in a simple, three step process.

The integration also streamlines the compliance process for the LRS, which are guidelines set by the Reserve Bank of India that enable residents of India to remit up to $250,000 overseas, per financial year. Flywire and SBI help Indian residents comply with the LRS requirements quickly 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 applicable student record.