Flywire|OnPlanU

Flywire Expands Global Payments Platform with the Addition of OnPlanU and OnPlan Health

Addresses growing demand for integrated end-to-end payments and receivables capabilities; extends leadership position in education and healthcare

Boston, Chicago and London – January 18, 2018 – Flywire, a provider of global payment and receivables solutions for education, healthcare, and business, today announced the acquisition of OnPlan Holdings LLC, the parent company of OnPlanU and OnPlan Health. With the deal, Flywire becomes the first in the industry to offer an end-to-end solution with capabilities including invoicing, secure payment processing, consumer engagement, recurring payments, automated payment plans, payment tracking, reconciliation, and past due payments.

OnPlan co-founders, CEO John Talaga and CTO David King, will both join the Flywire leadership team and maintain stakes in the business going forward. Talaga will head up Flywire’s healthcare segment, and King will lead the company’s education and healthcare-focused product and development teams. Current OnPlan employees will also join the Flywire team, based in OnPlan’s existing headquarters outside Chicago.

In addition to considerable domain expertise and product capabilities, OnPlan gives Flywire the ability to support the full spectrum of its clients’ payment and receivables needs – both domestic and international. Clients will be able to take advantage of a fully integrated solution, while also having access to its extensive partner ecosystem in the US.

“Adding OnPlan’s technology to Flywire’s one-of-a-kind global payment and receivables platform further accelerates the trajectory for this company,” said Matt Harris, managing director, Bain Capital and Flywire board member. “Both firms share a culture that is all about how to make life better for their clients. That, combined with their complementary capabilities make this a perfect fit and will add tremendous value for their customers.”

“We’ve had the opportunity to collaborate with Flywire on multiple occasions, at the request of several of our mutual clients,” said Talaga. “We’re solving distinct, but related problems, both taking cost and friction out of the payment and receivables process. While we complement their platform in several important ways, Flywire offers OnPlan tremendous scale with supportive and engaged investors, capital for growth, access to new markets, and a global customer support infrastructure. Joining Flywire gives us the opportunity to make a much greater impact for our current and future clients.”

OnPlan’s vertical-specific solutions address key revenue lifecycle management needs in healthcare and higher ed. OnPlan Health is a web portal and payment solution that offers providers a simple, automated way to settle balances for patients with high out-of-pocket costs. Healthcare providers can accelerate receivables, prevent overdue balances and reduce costs by tailoring payment offers to patients, and providing more flexible ways to pay. OnPlanU is a student billing and payment solution that enables colleges and universities to automate account setup and payments in advance, and engage with students and parents to setup tailored payment schedules. It makes payments easier and provides students with more choice while also automating manual reconciliation processes for staff.

Since coming to market in 2011, Flywire has established its platform as the preferred solution for global payments and receivables processing for education institutions and healthcare providers. In 2017, the company entered the commercial segment, serving international businesses in a variety of market segments including automotive, travel, luxury goods, publishing, import/ export, professional services, and technology.

“The addition of OnPlan solidifies our market leadership position by enabling us to go deeper to address specific client needs in education and healthcare, and giving our clients the ability to manage all payments and receivables from a single platform.” said Mike Massaro, CEO of Flywire. “Our clients have been pushing us for this, and the OnPlan team brings a tremendous amount of technical capability and domain expertise to address it. In a short period of time, they have built a very strong product and we are excited to bring it to our global client base.”

About Flywire

Flywire is a leading provider of global payment and receivables solutions, connecting over 1,400 businesses and institutions with their customers on six continents. The company processes billions in payments per year from 220 countries and territories, via bank transfer, credit card and e-wallet solutions, in over 120 different local currencies. Flywire’s scalable platform provides currency conversion at exchange rates that can offer significant savings when compared to home-market banks and credit card providers. The company also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as 24/7 online payment tracking. Flywire is headquartered in Boston, MA with operations in London and Manchester, UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia; and Valencia, Spain. For more information, visit www.Flywire.com.

Media Contact:
Tim Walsh
+1 617.512.1641
timw@walshgroupmarketing.com

JMUStudents

Spotlight on JMU: How One Virginia School Partnered with OnPlanU to Keep Students OUT of Collections and In the Classroom

A recent article in The Washington Post entitled “Universities in Va. hit students with whopping collection fees for unpaid tuition” highlights the urgent need for colleges and universities to offer re-payment terms for their students who drop out or still owe a balance after classes end. The gap between financial aid and tuition and fees continues to expand. In most cases students don’t realize the gap until the traditional payment plan enrollment period has closed. Oftentimes, they find themselves without the financial support needed to cover their academic expenses.

It is critical that institutions engage at the first point of delinquency so that students’ exposure to costly collection fees is eliminated. This strategy not only helps reduce the student’s debt and improve their ability to stay enrolled, it also increases the institution’s likelihood to collect balances, while fostering an overall spirit of goodwill among the school’s student population. Although Virginia schools are the focus of this piece, the problem exists nationwide: students want to pay their tuition but either can’t afford to pay all at once or they fall behind and are looking for a way to catch up while staying enrolled. Even the most well-intentioned students frequently end up dropping out of school when they can’t keep up with their payments. And with collection agency fees of up to 30 percent, these students not only miss out on their education, but are also charged exorbitant fees, take a hit to their credit rating, and suffer the many long-term impacts of being saddled with bad debt.

James Madison University (JMU) in Harrisonburg, Virginia, is one school that recognizes how both the student and the institution suffer when there is a discrepancy between students’ ability to pay and their payment obligations. Early last year, JMU implemented OnPlanU’s Pre-Collect solution to provide their students with an innovative payment plan option to make repaying easier and more affordable while improving account recovery for JMU.

“We’re thrilled with the results we’ve seen since implementing OnPlan’s Pre-Collect system. Our cash collections have increased significantly and our students appreciate the affordable payment options and how easy the system is to use.”
Linda Combs
Director, University Business Office | James Madison University

Once JMU determines which accounts to place in OnPlanU’s Pre-Collect system, the system proactively communicates with students to engage them to pay their outstanding balance. By reaching out to students an average of 60 days before traditional collection activities would normally begin, OnPlanU reduces the number of delinquent accounts that would ultimately need to go to collections by an average of 20 percent. Pre-Collect offers students several customized payment options, and makes it easy to activate a payment plan and make payments on any device they choose. Students agree to a nominal one-time enrollment fee to activate the plan.

Within the first 18 months, OnPlanU collected on over 15 percent of the placed accounts, saving JMU students $182,000 in collection agency fees.

JMU’s foresight prompted them to implement a solution that avoids sending their students to collections and retains students who may have once had no option but to drop out. As more schools realize the benefits of OnPlanU’s Pre-Collect solution, JMU can be looked at as a model of success.

To learn more about the OnPlanU Pre-Collect solution, contact Judith Flink at jflink@onplanu.com.

NACUBO

OnPlanU Mobile-First Payment and Billing Technology Highlighted at NACUBO 2017

OnPlanU Mobile-First Payment and Billing Technology Highlighted at NACUBO 2017

Several of the OnPlan team members, David King, Judith Flink, Patrik Vagenius, and Sarah Enslin, will be attending the NACUBO (National Association of College and University Business Officers) Annual Meeting this weekend, July 29-August 1, at the Minneapolis Convention Center.

Our team will be at booth #753 in the Exhibitor Expo Hall where we’ll be highlighting our full suite of OnPlanU products: billing and payment solutions, Pre-Collect, P2PE solutions, refunds, and mobile first technology. The OnPlanU suite of campus financial services enhances student convenience, increases administrative performance, ensures end-to-end payment security, and offers unique features and capabilities.

The theme of this year’s annual meeting is “Currents of Collaboration” which focuses on navigating connections and leading diverse teams.  In addition to main stage speakers, the program consists of a variety of tracks and sessions concerning technology, student services, and compliance to name a few! The NACUBO conference offers a great opportunity for us to connect with current customers and introduce OnPlanU to many other professionals focused on using the latest technology to address the needs of their student population.

If you would like to set up an OnPlanU demo, please email Judith Flink at jflink@onplanu.com.

If you are attending the NACUBO Annual Meeting, please look us up in booth #753 in the Exhibitor Expo Hall.  Remember to bring your business card so we can make you a free custom laminated luggage tag. You can also enter to win a $100 Amazon gift card! We look forward to seeing you at NACUBO!