NMB Bank Nepal collaborates with Flywire to digitize Nepalese foreign education payments
NMB Bank and Flywire are collaborating to power a new digital payment solution for overseas education expenses, with the goal of simplifying complex security and compliance.
KATHMANDU: NMB Bank Nepal and Flywire Corporation have announced a strategic partnership to digitize the payment experience for Nepalese students studying abroad.
As a result, NMB has become the only bank in Nepal to process all payments on behalf of Flywire across 1700+ educational institutions worldwide, including the United States, Canada, and Australia.
The process of paying education payments overseas was initially time-consuming and posed security risks for Nepalese payers.
Similarly, on the receiving end, tuition bills could not be tracked efficiently, and accepting payments in different currencies made reconciliation difficult while requiring the institutions to deal with paperwork.
NMB Bank and Flywire are collaborating to power a new digital payment solution for overseas education expenses, with the goal of simplifying complex security and compliance.
The collaboration between NMB Bank and Flywire digitizes and secures the payment process in accordance with local regulations. Even if they do not have an NMB Bank account, students and families can make education payments online. Payments to NMB Bank can be made digitally without the need for cash deposits at other banks.
Furthermore, students can pay their education-related fees and payments in their home currency, avoiding currency exchange fees.
“We aim to provide our customers with a streamlined payment solution that is simple to use while encouraging the use of digital platforms.” We are confident that this collaboration will add significant value to our customers’ service by providing a one-stop solution for overseas education payments,” said Sunil KC, CEO of NMB Bank, of the bank’s partnership with Flywire.
“As more educational institutions compete for international students around the world, those that can provide a digital-first payment experience can have a leg up when it comes to recruitment and retention,” said Sharon Butler, EVP of Global Education at Flywire. “Our client schools, from New Zealand and Australia to the United States and Canada, and beyond, have been asking for a solution that better supports Nepalese students, and we’re excited to partner with NMB Bank to deliver an exceptional payment experience.”
