Flywire provides Bank of America clients access to cross-border payments and receipts
Flywire, a provider of global payment and receivable solutions, has announced an offering that streamlines the receipt of cross-border transactions for Bank of America’s corporate and higher education clients. The solution is designed to simplify the cross-border billing, payment and receipt process. In addition to providing international customers with foreign exchange rate transparency, the new offering enables international customers to remit funds via local payment methods.
Cross-border payments and receipts represent a growing portion of transactions for banks and their clients. This year, total cross-border remittances will exceed US$22 trillion and are forecasted to increase to over US$25 trillion by 2025, according to the Statista report ‘Value of Cross-Border Payments Worldwide, 2016-2022’. Despite this growth, many organisations can struggle with the cost and complexity of these transactions.
Flywire’s platform supports large-sum cross-border transactions and is designed to offer payers a transparent and secure payment experience. The service is customised by business, country, and currency, and is designed to accelerate funds flow and streamline operational processes. The offering for Bank of America clients is available immediately.
The solution is designed to offer a single point of management and payer engagement from billing and payment through reconciliation. It facilitates access to new and existing local payment methods in 240 countries and territories, in over 140 local currencies. Flywire says it also offers simple integration with client ERP systems for seamless payment processing and reconciliation.