NMB, Flywire forge strategic partnership

KATHMANDU, JULY 12: NMB Bank Nepal has announced a strategic partnership with Flywire Corporation to digitize the payment module of Nepalese students studying abroad. With this, NMB is said to have become the only bank in Nepal to process all payments on behalf of Flywire across 1700 plus educational institutions all over the world including the USA, Canada, and Australia.

The said partnership between NMB Bank and Flywire digitizes and ensures a secure payment process in compliance with local regulations. The related 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 an 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,” the press release quoted Sunil KC, CEO of NMB Bank, as saying.

As more educational 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,” Sharon Butler, EVP of Global Education, Flywire, reportedly said.  “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.”