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Investing.com -- Flywire Corporation (NASDAQ:FLYW) stock rose 2.7% Wednesday following the company’s announcement of significant enhancements to its payment solutions for UK higher education institutions.
The payment solutions provider unveiled improvements to its Student Financial Software (SFS) solution, featuring real-time student account presentment with direct integrations into popular higher education ERPs including Banner Ethos and Unit4 (Agresso). The company also introduced an enhanced solution to help UK institutions automate and manage the US loan disbursement process.
Flywire’s enhanced SFS solution addresses key challenges faced by UK higher education institutions, including providing students with accurate, up-to-date account balances, offering flexible payment plans, and reducing the administrative burden of manual billing and payment communications.
The company successfully launched three new SFS implementations for clients using Unit4 and one for a client using Banner Ethos. These implementations include new functionalities such as payment plans, real-time payments, and real-time student account information.
Kingston University, one of Flywire’s design partners, reported immediate improvements after implementing the SFS solution. "Kingston University needed a more modern and transparent way for students to handle their payments, and Flywire’s SFS solution delivered," said Chris Billington, Head of Finance Shared Services at Kingston University. "The platform’s ability to show real-time data and simplify the payment process has transformed how our students interact with us financially."
Flywire also unveiled an enhanced solution for managing US government and third-party alternative loans for students studying in the UK. The solution automates the complex process of receiving loan payments, applying funds to student accounts, and disbursing excess funds to students.
Glasgow Caledonian University’s Head of Operational Services - Finance, Emma Burns, noted that Flywire’s digital loan disbursement capability "promises to enhance efficiency and security for both the university and our students."
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