Boston, MA, USA and Madrid, Spain - Sept 14, 2022: Today, Flywire Corporation (Flywire) (Nasdaq: FLYW) a global payments enablement and software company, is announcing the availability of its integration with Universitas XXI, a university management system focused on servicing higher education customers throughout Spain and Latin America. Universitas XXI will extend Flywire’s digital education payments platform into its student information system, enabling a seamless payment experience for students and administrators, and supporting both international and domestic payment flows.
Flywire integrates directly into the Universitas XXI software, helping universities to automatically power every transaction, ranging from initial application fees, all the way through to tuition payments. Within the familiar Universitas XXI software, students and families can easily track and make payments in native currencies, and university accounting professionals will be able to see and access all payment information within their system of record. Flywire plugs directly into the Universitas XXI platform, helping universities to streamline upgrades and to ensure complex compliance standards, as well as tax considerations, are always up to date.
Both Spain and Latin America continue to be a popular academic destination for international students. Boasting 76 universities, Spain is the top choice for students taking part in the EU’s Erasmus+ study abroad program, and in light of the Spanish government’s proposal to ease the visa requirement process for students and recent graduates, the country is committed to attracting additional international students. Likewise, Latin American universities are fortifying their strategies to recruit more inbound international students. The most recent research from UNESCO suggests that Latin American countries are receiving almost as many students as they are sending students abroad.
As the demand for higher education experiences in Spain and Latin America increases, there is mounting pressure on universities to provide a streamlined payment experience for students and families. According to a Flywire report of students in Spain and Latin America, students studying in Spain would like to see more flexible, simpler, and more affordable payment options. Of those surveyed in Flywire’s report, 86% believe that the ability to pay their tuition digitally, in their local currency, and/or via their preferred payment method, would improve their higher education experience and reduce the stress involved. Additionally, 80% of students in both Mexico and Peru believe paying for their tuition in installments would make their education more affordable.
For universities in Spain and Latin America, it can still be difficult to manage student payments originating from different countries and in different currencies. Finance teams would need to manage domestic and international payments in different systems, and reconciling international payments typically requires a lot of manual effort for university staff and can complicate student registration. This all creates complexity and friction for both students and university staff, which is exactly what the integration between Flywire and Universitas XXI solves.
For students and families, the integrated solution provides a highly-tailored, convenient and secure digital payment experience, which can be customized by university, country, and currency. For institutions, they can consolidate the multiple payment options they offer, which accelerates funds flow, eases reconciliation and streamlines operational efficiencies. Additionally, institutions can create custom payment plans to provide students and families with greater flexibility. Additional benefits of the integrated solution between Flywire and Universitas XXI for institutions include reduced inbound contact volume, accelerated processing around student visas, and significantly reduced merchant processing fees thanks to more payment options.
“As Flywire continues our growth in Spain and Latin America, we’re thrilled to partner with Universitas XXI, who bring meaningful relationships with reputable universities and extensive knowledge of the Spanish and Latin American markets,” said Sharon Butler, EVP of Education at Flywire. “Through our powerful, seamless integration, we are able to deliver exceptional payment experiences for students and institutions alike - and we’re committed to building on this foundation as the partnership continues.”
“Our integration with Flywire enables us to elevate our offerings and provide even greater value to our customers,” said Manuel Rivera, Director of Communication and Marketing at Universitas XXI. “We look forward to our continued partnership to better serve the Spanish and Latin American markets.”
Resources
- Stop by Flywire’s booth G10 at the European Association for International Education (EAIE) event in Barcelona, Spain from 14 - 16 September
- Join Flywire and Universitas XXI together on a webinar to discuss the power of their partnership on October 13, 2022: Join Webinar
- Learn more about Flywire’s digital payments platform for higher education: Flywire's digital education payments platform
- See why Flywire is the trusted choice for millions of students, thousands of institutions and hundreds of education agents and partners worldwide: The Trusted Choice
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 2,800 clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on Twitter, LinkedIn and Facebook.
About Universitas XXI
Universitas XXI is a Spanish multinational that offers technological solutions to universities in Spain and Latin America. More than 100 universities operate daily with the Universitas XXI systems. To learn more visit: www.universitasxxi.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, and market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire's forward-looking statements. New risks emerge from time to time. It is not possible for Flywire to predict all risks, nor can Flywire assess the impact of all factors on Flywire’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Flywire may make. Further information on these and additional risks are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/. Any forward-looking statements made by Flywire in this news release are based on information available to Flywire on the date hereof. Flywire assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
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