SBI signs agreement with Flywire, Indian students studying abroad will get this great facility
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SBI ties up with Flywire: State Bank of India, the country’s largest bank, has entered into a major partnership with Flywire Corporation. Its direct benefit will be towards improving the payment system for international educational courses for Indian students. State Bank said that the objective of this partnership is to streamline the traditionally complex process, make it user-friendly and provide a seamless and completely digital payment experience. The partnership integrates Flywire technology directly with the bank’s platform, providing Indian students with an enhanced digital checkout experience for their international educational payments. From application to tuition fees, students SB I You can easily complete transactions in Indian Rupees within three simple steps on Net Banking platform. Additionally, institutions will automatically capture relevant information about students, ensuring accurate and identifiable payments.
A step towards digital transformation: SBI
This partnership is a step towards digital transformation that ensures enhanced transparency and compliance with the Liberalized Remittance Scheme (LRS) guidelines of the Reserve Bank of India, thereby simplifying foreign transactions for Indian residents. This partnership can also be considered an important step from the point of view of the global economy. Indian students are the key driver of international education, and this number is poised to double, given that the Indian outbound student population will reach 1.8 million students by 2024, generating a substantial expenditure of between US$75 billion to US$85 billion. will be estimated.
Payment will be completed immediately
SBI aims to be a leader in providing a modern, efficient solution to the paper-based payment process. SBI said that we are happy to partner with Flywire and offer these special solutions to Indian students and SBI customers. By partnering with Flywire, we are expanding our payment solutions to benefit the next generation of students. Mohit Kansal, SVP-Global Payments, Flywire, said that this powerful partnership will eliminate a cumbersome process that took several days, as this new process will make it possible to make payments in just a few steps. We know our country is going through an exciting digital revolution, and we’re excited to be at the forefront of this change.
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