BOSTON and JOHANNESBURG, South Africa, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Today, Flywire Corporation (Flywire) (Nasdaq: FLYW) a global payments enablement and software company announced the availability of an integration with Adapt IT Education, a division of Adapt IT Holdings Limited to streamline and digitize cross-border education payments for students studying in South Africa.
As the exclusive international payments partner for Adapt IT, Flywire will improve the payment experience for students and their families, and the institutions that use Adapt IT software. A direct integration with Adapt IT's ITS Integrator student management system improves operational efficiencies and eases the administrative burden associated with international tuition payments, all within the familiar interface.
As international students continue to pick South Africa, institutions demand modern payment experiences
South Africa has increasingly become an academic destination of choice for international students for its rich diversity, unique cultures, and internationally-renowned universities. It’s also an affordable study abroad destination and it appeals to students that want to experience the “Rainbow Nation.”
According to the study abroad consultancy StudyLink, more than 45,000 international students choose to study in South Africa each academic year across its 26 public universities and 50 TVET Colleges. Four of those universities have made the QS 2022 World University Rankings Top 500 List.
Like many institutions, Adapt IT’s clients consider international students a critical cohort to recruit and retain. However, the traditional payment experience for international students and families was cumbersome and expensive, with limited payment options. Likewise, institutions had no way to track payments, and administrators would need to devote time and resources into manual reconciliation.
When Adapt IT’s university clients demanded a seamless, technology-driven payment experience to help them compete for international students, Adapt IT turned to Flywire to bolster their existing student-facing software.
“We considered various payment partners, but Flywire was the standout for international payment enablement,” said Luxolo Rubushe, Adapt IT Education MD. “The combination of Flywire’s innovative global payment platform and powerful software easily integrates into our system, creating immense benefits for both students and our clients."
Flywire embeds into Adapt IT to unlock payment flexibility and efficiency
Headquartered in Johannesburg, Adapt IT provides leading specialized software and digitally-led business solutions that assist clients across targeted industries to improve customer experience, business operations, business administration, enterprise resource planning and public service delivery.
With Flywire’s payment gateway embedded directly into Adapt IT’s ITS Integrator student management system, all friction is removed from the entire payment experience. Students have a seamless, easy way to pay for their education in their local currency, while enjoying low exchange rates, convenient online payment tracking, and superior customer service. Additional benefits of the Flywire integration with Adapt IT’s student management system for both universities and students and families include:
- Online payment tracking: Universities can automatically capture all relevant student information, ensuring the payments received are accurate and identifiable.
- Transparency and flexibility: Flywire shows how much the student owes in their local currency and helps students avoid large international transfer fees.
- Automated reconciliation: Flywire identifies the source of payments delivered to an institution’s bank account and automatically posts each payment to the correct student record.
- Around-the-clock support: Flywire offers students and families around-the-clock multilingual support and services across the globe via chat, phone, and email.
“We’re thrilled to partner with Adapt IT to help universities in South Africa delight their students with seamless, digital payment experiences,” said Sharon Butler, EVP of Global Education, Flywire. “We’ve built our platform to enable partners like Adapt IT to easily serve their customers, and to increase payer satisfaction while reducing costs. This partnership brings two leading solutions together to better serve the South African education market, and we look forward to building our relationship.”
Flywire's education payments platform and global payment network enable higher education institutions to offer a highly-tailored, convenient and secure digital payment experience, which can be customized by school, country, and currency. This flexible yet powerful payment solution is designed to accelerate funds flow, ease reconciliation, and streamline operational expenses. The solution also enables institutions to create custom payment plans to provide students and families with greater flexibility.
Resources
- Flywire will be exhibiting at the ITS Integrator User Group Conference February 28th - March 2nd in Cape Town, South Africa. To book a meeting with Flywire, email us at south-africa@Flywire.com
- 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 (Nasdaq: FLYW) is a global payments enablement and software company. Flywire combines its proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for 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, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports more than 2,500 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 Adapt IT
Adapt IT is a South African company and a member of Volaris Group Inc. – a subsidiary of Constellation Software Inc. (CSI) a listed company on the Toronto Stock Exchange. Adapt IT is a Level 1 Broad-Based Black Economic Empowerment (B-BBEE) contributor that provides leading specialised software and digitally-led business solutions that assist clients across targeted industries to Achieve more by improving their customer experience, core business operations, business administration, enterprise resource planning and public service delivery. To learn more about Adapt IT, visit: www.adaptit.com or follow us on Twitter, LinkedIn and Facebook.
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, market growth and trends, and Flywire’s objectives for future operations. 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 Prospectus and Flywire’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, both of which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2021, expected to be filed with the SEC in the first quarter of 2022. Any forward-looking statement 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.
Contacts
Media Contacts:
Sarah King
Sarah.King@Flywire.com
Prosek Partners
pro-flywire@prosek.com
Investor Relations Contact:
ICR
flywireir@icrinc.com
For Adapt IT:
Thato Mthembu
Executive Manager: Business Development
T: +27 010 494 0000
E: thato.mthembu@adaptit.com
