Flywire, a provider of cross-border payment solutions, and Cashnet, a payment platform solution for educational institutions, announced Thursday (May 11) a new strategic partnership to give international students and their families more options when paying for studies abroad.
In a press release, the companies said the partnership will enable schools to streamline education-related payments while enhancing the user experience for international students and their families.
“We’re pleased to integrate Flywire into the Cashnet platform, thus providing international students and families more options when paying for school,” said Matthew Dorf, vice president of Payment Sales and Development at Cashnet in the press release. “By providing payment tools that make it easier for a student or parent to manage finances, we continue our important mission of helping to provide fundamental access to education for students across the globe.”
Flywire provides a cloud-based platform and support services for large, international payments. Cashnet, a Blackboard company, provides secure payment solutions for institutions, students and their families, including electronic billing and flexible tuition payment plans. The integration will streamline payment reconciliation for institutions and give international students and their families more options when using the Cashnet platform to pay for education-related expenses, the companies said in the press release.
According to Flywire, in 2015 and 2016 there was a 7 percent increase in the number of international students attending school in the U.S. As a result of the increase, Flywire said there is a need for more flexible tuition payment options. The partnership will give institutions and students greater choice when making tuition and fees payments.
“The Cashnet platform has always been a well-respected solution within our client base and an important way for schools to make it easier for students and families to pay,” said Sharon Butler, executive vice president, Education Segment, at Flywire in the same press release. “With our partnership, Cashnet can provide integrated support to our many mutual clients and enable them to leverage the full capabilities of both solutions to enhance the payment experience while streamlining the reconciliation process.”