Flywire improves efficiency and cash flow for higher education institutions with expanded availability of third-party invoicing solution

Enables modern, intuitive payment experience for third-party sponsors paying a student’s tuition, fees and other education-related expenses

BOSTON, May 14, 2024 (GLOBE NEWSWIRE) -- 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: