Vestwell and Flywire Partner to Simplify 529 College Savings Payments
New partnership enhances payment experience from 529 education savings programs
NEW YORK, NY, September 13, 2023 – Vestwell, the modern fintech engine powering savings and investment programs for employers and savers across the country, has partnered with Flywire (NASDAQ: FLYW), a global payments enablement and software company. As families prepare to pay fall tuition, they’ll be able to take advantage of a simplified, digitized experience for easier tuition and other education-related expenses from 529 education savings accounts.
Through the Vestwell and Flywire partnership, the tuition payment processing time is notably reduced to a few days and provides families using a 529 education savings account full visibility into the status of their payment. By digitizing the payment experience and eliminating the reliance on paper checks, colleges and universities also benefit from the expedited payment time as well as a streamlined reconciliation process for their administrators.
“Tuition costs are at an all-time high and continuing to rise. It’s imperative for most families to utilize tax-preferred education saving programs to help offset education expenses for their children’s future,” said Aaron Schumm, Founder and CEO of Vestwell. “We have long admired Flywire, making education savings more accessible for families across the country, and are proud to partner with them. At Vestwell, we're committed to expanding enhanced savings access helping individuals save for the critical aspects of life -- education, healthcare, and retirement.”
“At Flywire, we're always looking for ways to add more value to the colleges and universities we serve, and to make the lives of students and families easier,” said Sharon Butler, EVP of Education, Flywire. "As more families leverage 529 savings plans to pay for education-related expenses, our innovative solution is helping to streamline the overall payment experience, providing families a digital path to payment and creating operational efficiencies for institutions."
Over the last twenty years, in-state tuition costs at public colleges across the country have risen by over two hundred percent. It's estimated that fifty-six percent of American families are actively saving for college. The second most common account used, after a standard savings account, is a 529 education savings account. These plans are tax-advantaged and designed to encourage saving for future education costs including room and board, supplies, equipment, and more.
The Vestwell-Flywire partnership provides a streamlined solution for families who use 529 education savings programs to pay for tuition and related expenses. To learn more about how Vestwell supports state savings, visit www.vestwell.com/state-savings.
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 3,500+ clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices.
About Vestwell
Vestwell is the modern fintech engine powering savings programs for businesses and individual savers nationwide. We’re helping to close the savings gap by offering a flexible, cost-effective, modern solution to save for the critical aspects of life - retirement, education, and healthcare. Vestwell currently powers nearly 30,000 small businesses, over a million savers, and $27 billion in assets in all 50 states. To learn more visit vestwell.com.
Media Contact: Nicole Wood at nicole.wood@vestwell.com
