New York, NY, Oct. 22, 2018 (GLOBE NEWSWIRE) -- BankMobile, a division of Customers Bank, and America’s largest and fastest-growing mobile-first bank, today announced a partnership 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. The new partnership was announced at the EACUBO 2018 Annual Meeting in Buffalo, New York.
“We are continuously looking to enhance our offerings and are delighted to announce this partnership with Flywire,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “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.”
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
- Recurring payments
- Seamless reconciliation
“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,” stated David King, VP Engineering at Flywire and co-founder of OnPlanU.
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.
“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,” said Carla Perez, Director of Student Financial Services at Chicago State University.
BankMobile provides refund management services to one in 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.
With 1.8 million account holders, BankMobile, a division of Customers Bank, is the largest and fastest growing mobile-first bank in the country. It is also in the top 15 banks in the U.S. in terms of number of consumer checking accounts serviced.
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About BankMobile
Established in 2015, BankMobile is a division of Customers Bank and America’s largest and fastest growing mobile-first bank offering checking and savings accounts and personal loans. BankMobile provides an alternative banking experience to the traditional model and is focused on technology, innovation, easy-to-use products and education with the mission of being “customer-obsessed” and creating “customers for life.” The disruptive, multi-partner distribution model, known as “Bank-as-a-Service,” created by the executive team enables BankMobile to acquire customers at higher volumes and substantially lower expense than traditional banks. Its low-cost operating model enables it to provide low-cost banking services to low/middle-income Americans who have been left behind by the high-fee model of “traditional” banks. Today, BankMobile provides its “Bank-as-a-Service” platform to colleges and universities and currently serves nearly two million account-holders at nearly 800 campuses (covering one out of every three students in the U.S.). BankMobile is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. For more information, please visit: www.bankmobile.com.
About Flywire
Flywire is a leading provider of global payment and receivables solutions, connecting over 1,400 businesses and institutions with their customers on six continents. The company processes billions in payments per year from 220 countries and territories, via bank transfer, credit card and e-wallet solutions, in over 120 different local currencies. Flywire's scalable platform provides significant savings in currency conversion exchange rates. The company also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as 24/7 online payment tracking. Flywire is headquartered in Boston, MA with operations in (Chicago), London and Manchester, UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia; and Valencia, Spain. For more information, visit www.Flywire.com.
*According to the CFPB (Consumer Financial Protection Bureau), the average annual cost of a traditional checking account is more than $118 per year. The average annual cost of owning a BankMobile Vibe account is less than $34 per year, for an average annual savings of more than $84 per student per year!