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

Core Insights - Flywire Corporation has enhanced its offerings for students and institutions by expanding its third-party invoicing solution, which simplifies the payment process for sponsors covering tuition and fees [1][3] Industry Overview - The use of third-party sponsors, including corporate employers and government agencies, significantly contributes to the U.S. workforce economy, with American institutions and employers spending approximately $1.1 trillion annually on higher education and training [2] - Similar trends are observed in other academic markets like Australia and the U.K., where government and private sector sponsorship is prevalent, with Australia allocating an estimated $10.4 billion for higher education in the 2022-2023 budget [2] Company Developments - Flywire's solution allows higher education institutions to manage their sponsored billing and invoicing processes more effectively, offering sponsors secure payment methods [3] - A client from a large research institution reported a 70% increase in timely third-party tuition payments after implementing Flywire's solution, which centralized the management of student payments and allowed payments in local currencies [3] - The expansion of Flywire's invoicing solution was driven by client demand and collaboration with major research institutions, supported by a global payment network capable of processing over 140 currencies across 240 countries [3] Benefits of Flywire's Solution - The solution reduces administrative time by improving communication between sponsors, students, and institutions, leading to real-time resolution of discrepancies [5] - Institutions experience an approximate 20% reduction in accounts receivable collection times due to the centralized portal for sponsors [5] - Faster payments from sponsors support uninterrupted enrollment and enhance administrative efficiency [5] - Flywire's integration with student systems allows for automatic tracking of payments, ensuring accurate updates to individual student accounts [5]