Flywire has announced an offering that streamlines the receipt of cross-border transactions for Bank of America’s higher education and corporate 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.
“Bank of America is always looking to meet the needs of our clients," commented Mike Robertson, global head of Transactional FX Trading at Bank of America. "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 supports large-sum cross-border transactions, offering 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.
Flywire says that it provides the following benefits to clients looking to expand their global reach:
- A single point of management and payer engagement from billing and payment through reconciliation.
- Faster payment processing and settlement to improve cash flow and fuel growth.
- Instant access to new and existing local payment methods in 240 countries and territories, in over 140 local currencies.
- Expert knowledge and navigation of country-specific requirements and regulations.
- No need to set up international payment relationships and infrastructure in new markets.
- Easy integration with client ERP systems for seamless payment processing and reconciliation.
- 24/7 online tracking.
- Multilingual customer service localised by region.
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