SBI teamed up with Flywire Corporation to ease the payment facility for international education system
This partnership will facilitate the automatic capturing of relevant student information, ensuring accuracy and traceability in transactions.
State Bank of India has partnered with Flywire Corporation to modernize the payment structure for Indian students under the international education system. The strategic partnership aims to ease the old complex payment process while offering a seamless and fully digital experience.
According to the sources, Flywire’s technology will be integrated directly into SBI’s platform which would enable Indian students to complete their international education payments effortlessly in Indian rupees.
The collaboration is in line with the RBI’s Liberalised Remittances Scheme [LRS] guidelines enhancing transparency and compliance. This partnership will facilitate the automatic capturing of relevant student information, ensuring accuracy and traceability in transactions.
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The crucial initiative comes at a juncture where Indian students are playing a pivotal role in international, with projections indicating an increase of migrating appease to double by 2024 and a significant contribution to global spending.
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