Flywire and Volvo Car USA have formed an agreement to streamline cross-border payments for international students leasing cars from Volvo.
The program enables foreign nationals attending college in the U.S. who lack a local credit history to obtain a leased vehicle with a single initial payment and return the vehicle to the dealership at the end of the school term with no further obligation, the companies said in a Thursday press release.
It’s the first such arrangement Flywire has established with an automaker, according to a spokesperson for the Boston-based firm. Flywire got its start enabling cross-border tuition payments between foreign students visiting the U.S. and has since expanded the service to other countries. It also supports other high-ticket cross-border business-to-business transactions.
The Volvo International Student Program streamlines the car-leasing process for foreign students by enabling buyers to pay in their preferred currency and simplifies payment tracking and reconciliation for Volvo Car Financial Services, according to the release.
“Volvo’s new international student program reduces the risk of international transactions for Volvo’s retailers while providing ... convenient terms for visiting students,” said Rick Bryant, Volvo Car USA’s vice president of sales operations, in the release.