Flywire improves efficiency and cash flow for higher education institutions with expanded availability of third-party invoicing solution
14 Mai 2024 - 10:06PM
Today, Flywire Corporation (Flywire) (Nasdaq: FLYW) a global
payments enablement and software company, announced that it has
strengthened its offerings for students and institutions with the
expanded availability of its third-party invoicing solution, which
streamlines the payment experience for third-party sponsors paying
a student’s tuition and fees. Leveraging Flywire’s solution,
institutions around the world can reduce their administrative
burden, ease reconciliation, and increase their revenue by
creating, issuing and tracking invoices to engage sponsors and
encourage timely payments.
The practice of using third-party sponsors - such as corporate
employers, government agencies, and more - to pay students’
tuition, fees and other related expenses is a key contributor to
the U.S. workforce economy. According to the latest research from
Georgetown University’s Center on Education and Workforce, American
postsecondary institutions, government agencies, and employers
spend $1.1 trillion annually on formal and informal higher
education and training. This is also true for other leading
academic markets like Australia and the U.K., where higher
education is primarily sponsored by the government and private
sector. For instance, according to the Australian Government's
2022-2023 budget papers, government expenditure for higher
education - excluding research and their Higher Education Loan
Program - is estimated at $10.4 billion or 1.7 per cent of
Australian Government’s total expenses in 2022–23.
To capitalize on this global trend, Flywire’s offering is
designed to enable higher education institutions to gain control of
their sponsored billing and invoicing process and offer third-party
sponsors convenient, secure payment methods of their choice.
Key benefits of Flywire’s solution include:
- Cuts admin time in half: By improving
communications between sponsors, students, and the institution,
Flywire enables real-time discrepancies resolution between the
sponsor and the institution, and removes the need for significant
manual intervention.
- Accelerates revenue: By providing a central
portal for sponsors to view all of their students and offering
flexible payment methods that matter to them in their own currency,
institutions experience an approximately 20% reduction in A/R
collection times.
- Supports uninterrupted enrollment: With a
growing number of students relying upon sponsorship, faster on-time
third-party sponsor payments help to drive continuous enrollment
and administrative efficiency.
- Eases reconciliation: Through Flywire’s global
payment network and integration with student systems, an
institution can automatically track the payment from the time it is
initiated by the sponsor until it is delivered in their bank
account, and each individual student account is updated accurately,
even for a payment for multiple students from a sponsor.
A Flywire client, which is a large, elite research institution,
elaborated on the benefits of third-party invoicing:
“Before Flywire, we needed a few staff members dedicated to
managing the third-party invoicing process, and given we work with
500+ unique third parties, it was a significant pain point for us.
We often experienced delayed payments resulting from billing and
invoicing complexity. This is especially true because a large
portion of sponsors paying for our students’ tuition and expenses
are international and don’t have domestic payment methods - and
prefer to pay in their currency via methods local to them. Flywire
has completely modernized this experience. Now, our sponsors manage
all of their students in a centralized portal, and can pay in their
local currency. We’ve freed up critical staff time and accelerated
cash flow, having seen a 70% increase in timely third-party tuition
payments."
“In response to client demand, we’ve expanded the availability
of our third-party invoicing solution after collaborating on,
testing and optimizing this with some of our largest, most complex
research institutions,” said David King, Flywire CTO. “Backed by
our powerful global payment network that can process 140+
currencies across 240 countries and territories, we are confident
that we are bringing the best possible solution to market that will
greatly improve how sponsors will interact with and pay
institutions worldwide.”
Resources
- To learn more about third-party invoicing solution visit
here
- Learn more about Flywire’s payment solutions for the global
higher education space here
About Flywire
Flywire is a global payments enablement and software company.
Flywire combines its proprietary global payments network, next-gen
payments platform and vertical-specific software to deliver the
most important and complex payments for its clients and their
customers. Flywire leverages its vertical-specific software and
payments technology to deeply embed within the existing A/R
workflows for its clients across the education, healthcare and
travel vertical markets, as well as in key B2B industries. Flywire
also integrates with leading ERP systems, so organizations can
optimize the payment experience for their customers while
eliminating operational challenges.
Flywire supports more than 4,000 clients with diverse payment
methods in more than 140 currencies across 240 countries and
territories around the world. Flywire is headquartered in Boston,
MA, USA with additional offices around the globe. For more
information, visit www.flywire.com. Follow Flywire on X (formerly
known as Twitter), LinkedIn and Facebook.
Media Contacts
Sarah Kingmedia@flywire.com
Investor Relations Contact:ICRflywireir@icrinc.com
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding Flywire’s
expectations regarding the benefits of its third-party invoicing
solution, Flywire’s business strategy and plans, market growth and
trends. Flywire intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995.
In some cases, you can identify forward-looking statements by terms
such as, but not limited to, “believe,” “may,” “will,”
“potentially,” “estimate,” “continue,” “anticipate,” “intend,”
“could,” “would,” “project,” “target,” “plan,” “expect,” or the
negative of these terms, and similar expressions intended to
identify forward-looking statements. Such forward-looking
statements are based upon current expectations that involve risks,
changes in circumstances, assumptions, and uncertainties. Important
factors that could cause actual results to differ materially from
those reflected in Flywire's forward-looking statements include,
among others, the factors that are described in the "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections of Flywire's Annual Report on
Form 10-K for the year ended December 31, 2023, which is on file
with the Securities and Exchange Commission (SEC) and available on
the SEC's website at https://www.sec.gov/. Additional factors may
be described in those sections of Flywire’s Quarterly Report on
Form 10-Q for the quarter ended March 31, 2024, filed with the SEC
in the second quarter of 2023. The information in this release is
provided only as of the date of this release, and Flywire
undertakes no obligation to update any forward-looking statements
contained in this release on account of new information, future
events, or otherwise, except as required by law.
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