Flywire Enhances Higher-Education Payments by Integrating with Workday Student
Flywire has strengthened its collaboration with Workday by integrating its payment solutions with Workday Student. Announced on October 16, this partnership enhances the management of student financial operations at higher education institutions. The integration aims to streamline billing processes, reduce administrative burdens, and support international transactions without significant IT investments.
Improved Payment System for Educational Institutions
With Workday Student, institutions can manage registration, billing, and financial aid. By incorporating Flywire’s system, they can now process student payments seamlessly within this platform. This setup supports numerous localized payment methods globally, facilitated through Flywire’s extensive network and real-time API synchronization.
Automation and Efficiency
- Automated payment plans through Flywire’s Student Financial Software (SFS)
- Streamlined management of overdue collections
- Automated updates to account balances for accurate reconciliation
The integration can potentially lower billing inquiries by as much as 40%. It supports 529 plan disbursements, streamlining cashier operations and maintaining current student accounts without paper checks.
Global Reach and Security
Flywire serves over 4,800 clients across 240 countries and territories and accommodates payments in more than 140 currencies. David King, Flywire’s Chief Technology Officer, emphasized the enhanced transparency, convenience, and security this integration offers to institutions and students alike.
User Experience and Institutional Benefits
Amherst College, an early adopter, reported quicker reconciliation and diminished manual effort due to this integration. The unified portal simplifies the process for students and families, making it easier to view balances and complete payments, reducing administrative queries.
Comprehensive System for Universities
Workday Student integrates academics, financial aid, billing, and advising, eliminating data silos with embedded payment functionalities. This partnership with Flywire is part of a broader effort to improve educational payment systems, enhancing cash flow management and reducing overhead.
In recent developments, Flywire launched a solution to streamline UK student loan payments, improving automation and compliance for universities. These innovations address the persistent issue of unpaid tuition, underscoring the urgency of updating billing and reconciliation systems.
As digital solutions like Flywire’s integration with Workday Student become more widespread, they are seen as key to optimizing financial management in higher education.
