Does the volume naturally gravitate towards Flywire? If students are offered both Flywire and Convera, do they tend to choose Flywire on their own?

Yes, we were predominantly focused on larger revenue flows through the schools. Some schools felt comfortable sharing the data they were tracking, and it was clear to see. The key for Flywire is to continue covering their presence on campus, which they do well. They engage with students during orientations, especially when international students arrive, and they utilize the agent network. Getting in front of students as they start considering colleges and working with agents to guide their decisions is a significant advantage. I've never seen this in the higher education market. They don't have a competitor in this sphere, as they establish early relationships with recruiting agents abroad. This is something they can leverage to drive further growth.

Does the volume naturally gravitate towards Flywire? If students are offered both Flywire and Convera, do they tend to choose Flywire on their own?

Schools have conducted studies on rates, using their students as secret shoppers to check conversion rates across different platforms. Flywire consistently performed the best. We are competitive on rates and engage with students as early as possible. They are doing the right things to maintain and drive this advantage. Hopefully, over time, this will help them become the sole exchange partner, transitioning from Convera to one of those.