Boston, MA - November 14, 2024: Today, Vietnam International Bank (VIB) announced a partnership with Flywire (Nasdaq: FLYW), a global payments enablement and software company based in Boston, USA, to enable Vietnamese payers to seamlessly and digitally pay international education-related fees in their local currency to higher education institutions all over the world.
The partnership between VIB and Flywire allows customers to optimize the payment experience with just a few simple steps on a single sign-on secured online platform. Customers can complete their transactions without needing to visit a bank or incur additional fees. Through VIB, customers can settle payments to thousands of Flywire’s customers who constitute education institutions all around the world.
Mr. Hồ Vân Long, Deputy CEO cum Head of Retail Banking of VIB, shared that with the vision of becoming the most innovative and customer-centric bank in Vietnam, VIB is always focused on providing comprehensive and superior product offerings along with personalized, innovative service solutions for customers. Through its collaboration with Flywire, VIB has integrated the modern technology of a leading global fintech partner to digitize 100% of its international payment services, delivering a seamless, fast, and convenient experience for customers.
“We are thrilled to partner with VIB to combine their comprehensive banking network and Flywire’s payment technology with the goal of transforming how international payments are made for students,” said Mohit Kansal, SVP of Global Payments & Payer Services, Flywire. “Vietnam is an important outbound market for Flywire and we are committed to enhancing our offerings for payers while strengthening our presence in the region.”
Key advantages of international payments through VIB and Flywire
Payment in VND: Customers only need to transfer VND to VIB's account dedicated to Flywire, avoiding the traditional way to purchase foreign currency.
Online Payment: Customers do not need to visit a bank; they can completely transact through a simple online process on Flywire’s platform with the exact amount of VND to the VIB account to complete the payment. Status of payments reflected constantly on the Flywire platform which enable users can follow details.
No Transaction Fees: With regular international money transfers, customers typically pay a minimum of USD 10 in transfer fees and USD 25 in out-of-country fees per transaction. With VIB and Flywire, there are no additional fees.
Proprietary Global Payment Network: Flywire is backed by a network of global, regional and local banking partners, providing clients access to a unique set of payment methods and making it possible to accept and settle payments in over 240 countries and territories and over 140 currencies.
About VIB
Vietnam International Commercial Joint Stock Bank, abbreviated as Vietnam International Bank (VIB), is one of the leading joint stock banks in Vietnam. Established on September 18, 1996, VIB started its operation with initial charter capital of VND50 billion and 23 staffs. For more than 28 years, VIB has achieved significant development and prominent milestones. At 30.06.2024, the bank’s charter capital reached VND 25,368 billion, while its shareholder’s equity hit VND 38,241 billion and total assets topped VND 431,000 billion.
Currently, VIB has 189 branches and transaction offices in 29 key provinces and cities across the country, recruiting more than 11,500 employees. For many consecutive years, VIB has been ranked among the Top 10 prestigious and effective public companies, the Top 50 best listed companies, and the Top 50 most effective business companies in Vietnam. For more information, visit www.vib.com.vn. Follow VIB on LinkedIn and Facebook.
About Flywire
Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our 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, such as NetSuite, 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 more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.
*Excludes clients from a recent acquisition