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Sallie Mae, Earnest, and Veterans Affairs remit funds to account numbers assigned to individual universities.“ This ensures traceability throughout the entire payment chain while allowing Flywire to operate through a single physical account for all loan proceeds” says Stern.
Flywire launched a new outbound payments solution designed to modernize the distribution of U. S. education loans to universities in the UK. Developed in collaboration with Citi the solution leverages Citi ' s global network and payments infrastruture,“ we worked with multiple Citi teams to shape the project,” says Therese Giambona, Head of Payables at Flywire.“ Once we had a clear plan, timing was critical to capture Flywire’ s autumn intake. Thanks to the outstanding teamwork on both sides, implementation was completed in record time” says Ana Stern, Director at Citi Commercial Bank.
A key objective was giving universities visibility into their receivables, which were difficult to reconcile at scale. With Citi’ s Payer ID solution, loan providers such as the US Treasury Department,
Universities also needed flexibility to receive disbursements in their preferred currency. Now, UK institutions, for example, can receive funds in sterling, reducing friction and improving reconciliation, while students receive money in the currency they require. Flywire makes these disbursements using Citi’ s cross-border payments solution, WorldLink, via API into 68 currencies and 110 countries.
The project’ s success was a direct result of Flywire and Citi’ s deep relationship, rooted in shared technical expertise and collaborative problem-solving.“ Our joint effort has created a material differentiator for Flywire ' s clients,” says Giambona.“ We have delivered significant value to clients who have signed up and the solution, which knits together several Citi capabilities – Payer ID, receivables, payables, and WorldLink – is delighting students with its reliability, simplifying university reconciliation, and enhancing Flywire’ s operational efficiency via realtime data provided by APIs.”
Ana Stern,
Director, Citi Commercial Bank
Therese Giambona,
Head of Payables, Flywire
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