PHOTO: MARKUS WINKLER FROM PEXELS
life-changing amount of
money... These can be very
vulnerable individuals “ Jamie Prudhomme, Flywire’s global compliance director,
68 | THE PIE REVIEW | ISSUE #25
In most cases it’s a
them financially – and we know funding can be a challenge
within education – it’s helping their reputation and it’s
helping them get more students. And that’s what we try and
cater to: some of those specific pain points. We’re levera-ging
our network that Western Union has as a whole, but
catering it for the education market.”
With over 6,000 offices across the world and a presence in
65 markets, HSBC, the world’s leading international bank, is
also uniquely placed to offer invaluable support to various
global education institutions.
Raghujit Narula, global head of international and cross
border at HSBC Retail Banking and Wealth Management,
believes the majority of educational partners still do not
says that one of the unique aspects of the educational mar-ket,
particularly in regard to cross border payments, is that
in most cases this is the first time the family or the student
is making an international transaction. “In most cases it’s a
life-changing amount of money,” he explains. “These can be
vulnerable individuals. Moving money – and at that size – is
something they’ve probably never dealt with before.”
This creates many interesting situations, he says. They
have to provide a lot of counselling to prospective students.
Not just how to complete a bank transfer or international
wire, but information to ensure they’re not prey to unscrupu-lous
fraud attempts – such as the one outlined above.
It’s not only about ensuring trust and transparency for stu-dents
though. According to Skyler Webster, Western Union
Business Solution’s director of product management, wor-king
with a reputable financial services provider can enhance
a university’s reputation and, ultimately, its bottom line.
This is because working with standard banking fees can be
more costly to process the myriad of incoming and outgoing
payments than working with a global payments specialist.
“They (the educational establishment) want something
that is easy to implement,” Webster relates. “It’s helping