NMB Bank Nepal announced a strategic partnership with Flywire Corporation to digitize the payment experience for Nepalese students studying abroad. With this, NMB has become the only bank in Nepal to process all payments on behalf of Flywire across 1700 plus educational institutions all over the world including USA, Canada and Australia.
For payers in Nepal looking to pay education payments overseas, the process was initially time consuming and imposed security risks. Likewise on the receiving end, tuition bills could not be efficiently tracked, and accepting payments in different currency made it difficult to reconcile while requiring the institutions to deal with paperwork. Together, NMB Bank and Flywire are powering a new digital payment solution for overseas education expenses, to simplify complex security and compliance.
The partnership between NMB Bank and Flywire digitizes and ensures a secure payment process in compliance with local regulations. Students and families can make education payments online even if they don’t have an NMB Bank account. Payments to NMB Bank can be made digitally without having to deposit the funds in cash, from other banks. Furthermore, students can directly pay their education related fees and payments in their own currency, eliminating the costs incurred for currency exchange.
“We aim to provide a streamlined payment solution for our customers with easy payment procedure while encouraging the use of digital platforms. We firmly believe that this partnership will add great value to the service for our customers as we provide a one-stop-solution for overseas education payment.” said Sunil KC, CEO of NMB Bank on the bank’s partnership with Flywire.
“As more education institutions around the world compete for international students, 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, Flywire. “Our client schools – from New Zealand and Australia to the U.S. and Canada and beyond – have been asking for a solution that better supports students from Nepal, and we’re excited to partner with NMB Bank to deliver an exceptional payment experience.”