Flywire has launched a new solution to simplify the receipt of cross-border transactions for the higher education and corporate clients of Bank of America Merrill Lynch.
The Boston-based payments technology firm claims that the solution streamlines the cross-border billing, payment, and receipt process. Apart from offering international customers with foreign exchange rate transparency, the new solution is said to enable them to remit funds through local payment methods.
According to Flywire, cross-border payments and receipts make up a growing portion of transactions for banks and their clients. The company, citing Statista, Value of Cross-Border Payments Worldwide, 2016-2022, said that total cross-border remittances in 2019 will cross $22trillion and are forecast to surge to more than $25trillion by 2025.
In spite of the growth in cross-border remittances, several organisations may not cope up with the cost and complexity of the transactions, said the payments technology firm.
Bank of America Merrill Lynch transactional FX trading global head Mike Robertson said: “Bank of America Merrill Lynch is always looking to meet the needs of our clients. One way we’re doing that is by enhancing our international payments and receipts offerings through continued technological innovations along with new trading and risk management solutions.
“We are focused on taking the friction out of cross-border transactions to better serve our higher education and corporate franchise.”
Flywire’s platform is said to facilitate large-sum cross-border transactions, and is claimed to give payers a transparent, easy, and secure payment experience. The platform can be customised based on business, country, and currency, said the company.
Advantages of the Flywire platform
One of the advantages of the platform is that it will be a single point of management and payer engagement from billing and payment via reconciliation. The platform is said to enable faster payment processing and settlement to enhance cash flow and drive growth.
Furthermore, the platform gives instant access to new and existing local payment methods across 240 countries and territories, in more than 140 local currencies.
Flywire CEO Mike Massaro said: “Even as economies become more global, cross-border payments and receipts remain complex, costly, and difficult to reconcile for both payers and receivers.
“Working with Bank of America, one of the world’s most trusted financial services providers, we can significantly expand access to the Flywire solution, while providing integrated banking and payment solutions that make the receipt of global payments much faster and easier for any type of business or institution.”
