Payment solutions company Flywire is rolling out a simplified cross-border payments solution for Bank of America’s higher education and corporate clients, Flywire announced in a press release on Monday (Oct. 28).
The service makes international billing, payment and receipts more efficient and easier to use. The new offering also gives international users transparent foreign exchange rates and the ability to use local payment methods.
“Bank of America 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 — that today extends to 140 currencies in more than 150 countries — by adding technological innovations and new trading and risk management solutions,” said Bank of America Global Head of Transactional FX Trading Mike Robertson. “By adding Flywire’s offering, our higher education and corporate clients will experience much less friction in processing cross-border transactions.”
Cross-border payments will exceed $22 trillion this year and are predicted to be $25 trillion by 2025, the release said.
The Flywire platform is considered the industry standard for large-sum international transactions. It offers perks like having a single point of management, faster payment processing and easy integration with client ERP systems.
“Even as economies become more global, cross-border payments and receipts remain complex, costly, and difficult to reconcile for both payers and receivers,” said Mike Massaro, CEO of Flywire. “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.”
Boston-headquartered Flywire processes billions in payments each year for clients in business, education and healthcare. The company has offices in Chicago, London and Manchester (U.K.), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania) and Sydney.
In May, Flywire announced it added machine learning capabilities to its cross-border payment and receivables platform.