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Tuesday, June 27, 2017

Flywire, PayPal cross new borders

On June 26, 2017, payment platform provider Flywire revealed it had added PayPal to its menu of payment options in Canada, the European Union, the United Kingdom and the United States. PayPal and Flywire representatives said the integration will combine PayPal's popular, secure technology with Flywire's expertise in tailored, international currencies and vertical industries.

Jason Smith, Head of Global Channel Sales at PayPal, said, "We are pleased to deliver Flywire's customers a secure and effective way to conduct international financial transactions."

Boston-based Flywire also has offices in the United Kingdom, China, Japan, Singapore, Australia and Spain. The company said it is committed to serving the needs of the global citizen, which includes addressing new types of transactions and payment corridors, while continuing to improve the speed, transparency, efficiency, choice and security of its payment services.

In an interview with The Green Sheet, Flywire Chief Executive Officer Mike Massaro said the partnership will additionally address a growing need for cross-border payment diversification.

"PayPal is an industry leader in cross-border payments and e-wallet and is looking for different use cases," he said. "Cross-border remittances have evolved from workers in developed countries sending money home to less developed nations. Today, there are numerous reasons for money to move around the world. Institutions, hospitals and businesses are also on the receiving side of cross-border payments. Our job is to enable institutions to easily accept payments and payers to easily transact."

Expanding cross-border methods, use cases

Massaro is attending Money2020 Europe in Copenhagen, where he will participate in a June 28, 2017 panel discussion titled X-Border Payments: New Approaches to Reaching Customers in a Digital World. The discussion will also include the following:

  • Michael Kent, CEO and co-founder, Azimo

  • Alice Newton-Rex, Vice President of Product, WorldRemit

  • Mike Patryn, Chairman, Fintech Ventures Group

  • Judith Rinearson, Partner, K&L Gates LLP

Each executive will provide insights and analysis of cross-border payment growth and remaining challenges. "In a world where money has been 'digital' for decades, consumers are confused as to how they can send a message to a relative across the world in nano-seconds but sending money feels like it's still physically taken by stagecoach in many cases," Money2020 Europe wrote in the panel description.

Acknowledging recent breakthroughs, conference organizers are optimistic that cross-border payment adoption will continue to grow. "The last few years have changed all this, and we no longer have to stand in queues at the money transfer office," they stated. "It's now as simple as downloading an app or logging onto a website and pretty much any form of payment can be directed anywhere in the world. The innovation involved in dealing with AML, KYC, fraud, risk security and all the rest of the elements required to achieve this should not be underestimated. What more could the future possibly hold?" end of article

Editor's Note:

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

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