Flywire showcases strength in U.S. higher education business at its inaugural client conference

Rhea-AI Summary

Flywire (Nasdaq: FLYW) showcased its strength in the U.S. higher education sector at its inaugural Flywire Fusion conference in Phoenix, Arizona. The event highlighted Flywire's momentum in solving cross-border and domestic payment challenges for over 100 U.S. institutions. Key highlights include:

- 100+ U.S. institutions use Flywire's Student Financial Software (SFS) platform
- 620,000+ payment plans activated to improve education affordability
- $276+ million collected in past-due tuition
- $55+ million achieved in pre-collection savings

Flywire unveiled new product enhancements, including a third-party invoicing solution, international recruitment platform, and StudyLink solution to maximize application conversion rates. The company emphasized its commitment to supporting the entire student financial journey, from enrollment to endowment, addressing challenges such as the looming enrollment cliff and resource constraints faced by institutions.

Positive

• 100+ U.S. institutions are using Flywire's Student Financial Software platform
• 620,000+ payment plans activated to improve education affordability
• $276+ million collected in past-due tuition for partner institutions
• $55+ million achieved in pre-collection savings for partner institutions
• Expansion of services from cross-border to domestic payments solutions
• Introduction of new product enhancements to support the entire student financial journey

Negative

• None.

Insights

Financial Analyst

Flywire's inaugural client conference showcases significant momentum in the U.S. higher education market. The company's Student Financial Software (SFS) platform is gaining traction, with over 100 institutions now using the full suite or solutions. Key metrics reveal impressive results:

• 620,000+ payment plans activated
• $276+ million collected in past-due tuition
• $55+ million in pre-collection savings for partner institutions

These figures demonstrate Flywire's growing importance in streamlining financial processes for universities. The expansion from cross-border payments into domestic U.S. payments solutions indicates a strategic broadening of their market. New product enhancements, including third-party invoicing and international recruitment platforms, show Flywire's commitment to addressing key challenges in higher education finance.

While the conference highlights positive momentum, investors should note that concrete financial impacts on Flywire's revenue or profitability were not disclosed. The company's ability to convert this client enthusiasm and product expansion into tangible financial growth will be important for long-term success in the competitive fintech space.

Education Technology Expert

Flywire's strategic positioning in the higher education market is noteworthy. By addressing both international and domestic payment challenges, they're creating a comprehensive ecosystem that could become indispensable to institutions. The focus on solving critical issues like the "enrollment cliff" and resource constraints shows a deep understanding of the sector's needs.

The integration of recruitment tools with financial solutions is particularly innovative. By connecting international student recruitment, application processes and payment systems, Flywire is positioning itself as a one-stop solution for universities' international education strategies. This could lead to stronger client retention and upselling opportunities.

However, the education technology space is highly competitive. Flywire's success will depend on its ability to maintain technological leadership and adapt to rapidly changing educational landscapes. The partnerships with major ERP providers like PeopleSoft and Banner are strategically important, as they enhance Flywire's integration capabilities and market reach.

Overall, Flywire's approach appears well-aligned with current trends in higher education, potentially setting the stage for sustained growth in this sector.

At first-ever Flywire Fusion event, Flywire’s momentum in solving cross-border and domestic payments challenges was on full display

More than 100 U.S. institutions are powered by the full-suite or solutions of Flywire’s Student Financial Software, which is delivering meaningful ROI

Product leaders and industry experts share strategies to improve retention, drive recruitment and optimize student financial for domestic and international students success

BOSTON and PHOENIX, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Flywire’s ongoing commitment to its large and growing footprint of U.S. education clients was showcased this week in Phoenix, Arizona, where more than 100 leading U.S. colleges and universities came together to tackle some of the most pressing issues facing the higher education industry today, from rising tuition costs, to international student recruitment, to the looming enrollment cliff. At its inaugural conference for U.S. higher education clients, Flywire Corporation (Flywire) (Nasdaq: FLYW) a global payments enablement and software company, detailed the critical way its software and payments capabilities are unifying the student journey for international and domestic students to boost enrollment, drive retention and optimize cash flow for institutions.

Building on strengths in cross-border payments, Flywire’s full-suite solution delivers meaningful ROI

Nearly 1,000 institutions in the U.S. rely on Flywire to streamline the cross-border tuition payment experience for their international students and automate reconciliation for the finance office. Building on this momentum, Flywire has also accelerated its ability to solve some of the most challenging issues in domestic (U.S. - U.S.) payments, such as managing dynamic payment plans and past-due collections, and driving even greater value to its growing client base.

The excitement over Flywire's unique expertise in solving both international and domestic payments was a key takeaway the Flywire Fusion conference, where Rob Orgel, Flywire’s COO, unveiled a number of key ROI metrics of its Student Financial Software (SFS) platform, including:

• 100+ institutions in the U.S. are powered by the SFS platform and solutions, which manages billing, payments and payment plans, and past-due tuition collection from within a single platform;
• 620+ thousand payment plans have been activated to make education more affordable;
• $276+ million has been collected in past-due tuition by institutions run on Flywire;
• $55+ million has been achieved in pre-collection savings for partner institutions.

“Flywire has been critical in enhancing the payment options we can offer for the University of Connecticut’s students and families,” said Alyse Kwapien, Director of Cash Management & University Bursar, UConn. “Since partnering with Flywire in 2022 to streamline our cross-border and domestic payments, my department has been able to double the number of students enrolled in interest-free payment plans. This has not only helped drive affordability but also cut down on my team’s admin time.”

Flywire supports the entire student financial journey, from enrollment to endowment

Among the key topics discussed at Flywire Fusion was the mounting headwinds institutions are facing to do more with fewer people, time and resources, as well as the pressure to combat the looming enrollment cliff.

During the product keynote, Flywire CTO David King reiterated Flywire’s commitment to enhancing the SFS platform and rolled out a comprehensive strategy with these themes in mind, highlighting the software and payments capabilities purpose-built to support a student’s entire financial journey. Among the new product enhancements Flywire showcased include:

• Flywire’s third-party invoicing solution, saving institutions time with an automated invoice-to-payment process and providing effortless tracking and reconciliation for both the institution and vendors;
• Flywire’s international recruitment platform of agents, enhancing engagement between institutions, international students and education agents and streamlining application processes to help reduce impact of the enrollment cliff;
• Flywire’s StudyLink solution, maximizing international application conversion rates and helping institutions pre-screen, prioritize and fast-track admissions decisions;
• Flywire’s continued strength in integrations and partnerships with leading software services and ERPs, including those with PeopleSoft, Banner and Ellucian and many more.

“Institutions are under immense pressure to adapt to a shifting recruitment landscape, a tight competitive market, and with fewer resources,” said David King, Flywire CTO. “What we showcased this week reflects our commitment to helping our clients not only mitigate these pressures but stay one step ahead of them, with software and payment experiences that are purpose-built to help them at every stage of the student payment journey - from enrollment to endowment.”

Resources

• Flywire Fusion took place September 23 - September 25 in Phoenix, Arizona. American Express (NYSE: AXP) and Citi (NYSE: C) were Platinum Sponsors. GradGuard and ITC Systems were Gold sponsors. ConServe, Discover Global Network (NYSE: DFS), MPower Financing and Thesis were Silver Sponsors.
• For more takeaways from Flywire Fusion, please visit this microsite: https://flywire.com/fusion
• To learn more about Flywire’s solutions for the U.S. higher education industry, visit here
  

About Flywire

Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our 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, such as NetSuite, so organizations can optimize 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. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , 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 expectations regarding the benefits of its third-party invoicing solution, Flywire’s business strategy and plans, market growth and trends. 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 include, among others, the factors that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Contacts

Media Contact:

Sarah King
media@flywire.com

Investor Relations Contact:

ICR
flywireir@icrinc.com

FAQ

How many U.S. institutions are using Flywire's Student Financial Software (SFS) platform?

According to the press release, more than 100 U.S. institutions are powered by Flywire's Student Financial Software (SFS) platform and solutions.

What is the total amount of past-due tuition collected by institutions using Flywire's platform?

The press release states that over $276 million has been collected in past-due tuition by institutions run on Flywire's platform.

How many payment plans have been activated through Flywire to make education more affordable?

According to the press release, more than 620,000 payment plans have been activated through Flywire to make education more affordable.

What new product enhancements did Flywire showcase at the Flywire Fusion conference?

Flywire showcased several new product enhancements, including a third-party invoicing solution, an international recruitment platform of agents, and the StudyLink solution to maximize international application conversion rates.