Adyen Teams With Flywire To Advance Vertical Payments Worldwide

Global payments platform Adyen is teaming up with the vertical payments startup Flywire to support the expansion of payments and receivables around the globe.

“The global recession triggered by COVID-19 has thrust payments into the spotlight,” Darren Woodward, senior director of payments and global cards network at Flywire, said in an Adyen blog post on Thursday (Dec. 17).

He added that it is more important than ever to offer people “a familiar, secure and transparent” ability to pay, especially “for high-value expenses like tuition fees or a package holiday.”

Flywire’s customers are predominantly in the healthcare and travel industries and will benefit from Adyen’s extensive international reach and support of numerous currencies. Customers can also tap RevenueProtect, Adyen’s risk management and fraud prevention product. 

“Our partnership with Adyen ensures that organizations we work with can deliver the payment experience their customers not just expect, but increasingly demand,” Woodward said.

The tie-up between Adyen and Flywire aims to innovate and improve the payments landscape for the international verticals both firms work with.

“The current economic climate means it’s never been more important to understand local currencies and preferred payment methods,” said Roelant Prins, chief commercial officer (CCO) at Adyen. 

Prins also said that it is especially important when selling internationally. “If we think of the example of paying for tuition fees for overseas students, it’s paramount that such an important payment can be made in a method the student or parent trusts.”

The travel industry is gearing up for a rebound once a COVID-19 vaccine becomes widely available and the coronavirus pandemic is a memory. After locking down and staying home for work and school, the travel sector is counting on cabin fever to fuel a rush for vacations.

Flywire said it has experienced record growth in the healthcare sector.  The company has processed $14 billion in patient transactions, which accounts for more than one third of U.S. households.