Collaboration between Bankmobile and Flywire will allow college students to use payment solution.
BankMobile, America’s largest and fastest-growing mobile-first bank, announced to partner up with Flywire, a leading provider of global payment and receivables solutions. Through this partnership, colleges and universities will have access to BankMobile’s state-of-the-art disbursement engine and Flywire’s turnkey, end-to-end solution for managing tuition receivables and payments, powered by OnPlanU.
David King, Co-founder of OnPlanU, stated, “BankMobile is a leader in the banking industry and we are thrilled to partner with a company so focused on college students and the banking technology needs of the current generation. Our combined solutions will allow schools to focus on the needs of students while reducing unnecessary costs and improving business processes.”
BankMobile, a division of Customers Bank, provides refund management services to one out of every three college students in the country. Additionally, it has saved college and university students over $100 million in banking fees since July 2016 versus had they deposited their funds into traditional checking accounts.
Carla Perez, Director of Student Financial Service, Chicago State University, stated, “Our ability to provide students with significantly enhanced technology, options for receiving the refunds and reducing the cost of international payments has been a game changer for Chicago State. Our students see the commitment we have made to them by implementing the tools and technology they have requested. We couldn’t be more pleased with the results.”
The OnPlanU platform will offer BankMobile Disbursement users an integrated, end-to-end receivables management solution, including:
Mobile-friendly secure payment processing and tracking
Automated payment plans
Focus on the needs of college students
Luvleen Sidhu, Co-Founder, President, and Chief Strategy Officer at BankMobile, stated, “We are continuously looking to enhance our offerings and are delighted to announce this partnership with Flywire,” she added, “This will allow schools the ability to streamline their business office processes while giving students choices for how to receive refunds and how to pay for college.”
Chicago State University has already implemented this new offering. In January 2018, it launched OnPlanU payments plans, payments and receivables management, automated refund management services and international payment processing, leveraging technology to improve student satisfaction, increase cost-effectiveness and gain internal efficiencies in the business office.