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Alexander Hamilton Awards

Partnership Breeds Innovation in Funds Transfers out of India

Congratulations to Flywire for winning the 2019 Gold Alexander Hamilton Award in the category Best Practices in Restricted/Emerging Markets!

Boston-based vertical payments company Flywire was founded in 2011 to help international students pay for their education. “The initial goal was to assist universities like MIT, for example, in receiving tuition payments from markets all over the world,” says Ryan Frere, the company’s executive vice president of global payments. “Before Flywire existed, that was really challenging. What we’ve been able to do is streamline the cross-border payment process from the receiver’s perspective.”

Over the ensuing decade, Flywire’s business has expanded beyond higher ed to support the healthcare and travel industries as well. Geographically, the company now serves clients and their customers across 220 countries and 150 currencies around the world, and has processed over $12 billion in both cross-border and domestic transactions. Still, its primary objective remains the same: “We work on behalf of our clients to make sure that their payers don’t run into challenges with some of life’s most important payments,” Frere says.

One market from which cross-border payments tend to be challenging is India. That country has extensive documentation requirements for residents who want to send funds abroad—requirements that formerly presented a variety of hurdles in Flywire’s attempts to facilitate aggregated international remittances. “India is second only to China in the number of outbound international students,” Frere says, “but our processes for supporting payments out of India used to be manual and offline.”

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Meg Waters

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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