VIB, Flywire partner to streamline cross-border payments for students from VN

Nov 14th at 13:59

14-11-2024 13:59:46+07:00

Vietnam International Bank (VIB) has announced a partnership with Flywire, a global payments enablement and software company based in Boston, to enable Vietnamese payers to digitally pay international education-related fees in their local currency to higher education institutions all over the world.

Through VIB, customers can settle payments to thousands of Flywire’s customers who constitute education institutions and travel companies, all around the world. — Photo courtesy of VIB

The partnership between VIB and Flywire allows customers to optimise the payment experience with just a few simple steps on a single sign-on secured online platform, the Vietnamese bank said in a statement.

Customers can complete their transactions without needing to visit a bank or incur additional fees. Through VIB, customers can settle payments to thousands of Flywire’s customers who constitute education institutions and travel companies, all around the world.

Deputy CEO cum Head of Retail Banking of VIB, Hồ Vân Long, aid that with the vision of becoming the most innovative and customer-centric bank in Việt Nam, VIB is always focused on providing comprehensive and superior product offerings along with personalised, innovative service solutions for customers.

Long said through the collaboration with Flywire, VIB has integrated the modern technology of a leading global fintech partner to digitise 100 per cent of its international payment services, delivering a seamless, fast and convenient experience for customers.

“We are thrilled to partner with VIB to combine their comprehensive banking network and Flywire’s payment technology with the goal of transforming how international payments are made for students and travelers,” said Mohit Kansal, SVP of Global Payments & Payer Services, Flywire.

“Việt Nam is an important outbound market for Flywire and we are committed to enhancing our offerings for payers while strengthening our presence in the region,” he said.

Via the collaboration with Flywire, VIB has integrated the modern technology of a leading global fintech partner to digitise 100 per cent of its international payment services, delivering a seamless, fast and convenient experience for customers. — Photo courtesy of VIB

Established on September 18, 1996, VIB is now one of the leading joint stock banks in Việt Nam. As of June 30 2024, the bank’s charter capital surpassed VNĐ25.36 trillion, while its shareholder’s equity hit over VNĐ38.24 trillion and total assets topped VNĐ431 trillion.

Currently, VIB has 189 branches and transaction offices in 29 key provinces and cities across the country, recruiting more than 11,500 employees.

Meanwhile, Flywire is a global payments enablement and software company. The US company 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 business to business industries.

Flywire also integrates with leading ERP systems, such as NetSuite, so organisations can optimise the payment experience for their customers while eliminating operational challenges.

Flywire supports more than 4,000* clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world.

Key advantages of international payments through VIB and Flywire

Payment in đồng: Customers only need to transfer đồng to VIB's account dedicated to Flywire, avoiding the traditional way to purchase foreign currency.

Online payments: Customers do not need to visit a bank; they can completely transact through a simple online process on Flywire’s platform with the exact amount of VND to the VIB account to complete the payment. Status of payments reflected constantly on the Flywire platform which enable users to follow details.

No transaction fees: With regular international money transfers, customers typically pay a minimum of US$10 in transfer fees and $25 in out-of-country fees per transaction. With VIB and Flywire, there are no additional fees.

Proprietary global payment network: Flywire is backed by a network of global, regional and local banking partners, providing clients access to a unique set of payment methods and making it possible to accept and settle payments in over 240 countries and territories and over 140 currencies.

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