Flywire, a trademark of peerTransfer Corp., emerged in direct response to cross-border payment challenges students attending institutions abroad often face. Using student loans to seed the company under its original name, peerTransfer, Iker Marcaide founded the company in July 2009. The idea blossomed when, as an international student, he had to transfer money from London to Boston for an MBA program at MIT Sloan School of Management.
At the time, transacting educational payments on an international scale lacked cohesion and transparency. "With cross-border payments, we felt like people were missing the fact that the consumer who has to send the money abroad, and then the receiver who has to receive these cross-border wires or bank transfers, were both having challenges, and there was no solution that solved both of them," said Mike Massaro, Chief Executive Officer at Flywire.
Flywire's platform, which connects students with institutions across six continents, helps students pay for tuition, room and board with much less friction. It operates offices in the United States, Spain, United Kingdom and China. Not only do students receive discounted exchange rates, they can see exactly what rates and fees will be charged, and are able to track payments with 24/7 multilingual customer service support, Flywire noted.
The platform continues to integrate payment options. "We've added not just international wire rails, but popular e-wallets, online banking integrations in some countries, and international credit cards, so that students can better pick the payment method that makes the most sense for them and, at the same time, get a wholesale foreign exchange rate upon the transaction," Massaro said.
About 80 educational institutions initially signed on for the service. "We started scaling, adding about 50 to 60 clients a quarter, and we now have over 900 clients across 14 different countries," Massaro said. He expects Flywire to process $2 billion in payments in 2016. According to the Institute of International Education, 900,000 students from 200 countries will attend U.S. colleges; over half of these foreign students hail from China, India and South Korea.
In November 2015, Flywire branched into medical tourism, a natural segue since many of its educational clients also operate medical facilities. A field once dominated by Americans seeking cheaper medical care outside U.S. borders, medical tourism now encompasses people from many countries seeking the level of care that exists in developed nations.
Patients Beyond Borders predicted annual growth in this sector of 15 to 20 percent, which it estimates currently generates $38 billion to $55 billion globally for medical tourism. Massaro said foreign patients typically obtain temporary medical visas, three to six months is average, then pay anywhere from $75,000 to $250,000 for U.S. medical treatment. Flywire patients can book payment in their home currency, and the platform manages the conversions.
"One thing that's big in the United States is the rehabilitation side of it," Massaro said, noting that the health risks associated with rehabilitation for medical procedures completed elsewhere has driven this movement. At the same time, many U.S. institutions are building hospitals and clinics in China and the Middle East. "It's one of those exports that will emerge," he said.
As Flywire focuses on cross-border niche markets, payment professionals have an opportunity to work with a team that is dedicated to business development in both channel and product expansion. Acquiring relationships are now part of its growing network, and integrations can be completed in a few days, Flywire noted.
"We're a very international processor," Mussaro said. "They sign a multiyear, exclusive contract, become a client of ours and become a payment processor just like they would sign a merchant processing agreement."
With the number of people transacting beyond national boundaries on the rise, Flywire's mission is to "empower consumers to live the global life, unconstrained by the immobility of their money" through a scalable, end-to-end, cross-border commerce platform.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.
Chief Executive Officer
Company Profile originally appeared in
The Green Sheet Issue 160102
220601 - Nationwide Payment Systems
211102 - Kalamata Capital Group
210701 - Choice Merchant Solutions
200601 - Delta Payment Solutions
190802 - Credit.net, a division of Infogroup
190702 - Samsung Electronics America Inc.
181201 - Network Merchants LLC
180902 - MainStream Merchant Services Inc.
180801 - Century Business Solutions
180502 - Priority Payment Systems Northeast
180501 - Merchant e-Solutions Inc.
180301 - Wirecard North America
180201 - Sysnet Global Solutions Ltd.
171202 - Secure Cryptopayments
171002 - National Benefit Programs LLC
170902 - Frates Insurance & Risk Management
170901 - DCS Holdings Group LLC
170802 - Apogee Payment Systems LLC
170702 - Active Software & Hardware Systems
170701 - Veratad Technologies LLC
170502 - Frontline Processing Corp.
170501 - Platinum Choice Bancard LLC
170201 - Electronic Payments Inc.
161202 - International Bancard Corp.
161201 - CSR Professional Services Inc
161102 - Digitzs Solutions Inc.
161101 - Residual Sheriff LLC.
160801 - DigiPay: Solutions Inc
160702 - CreditCardProcessing.com
160201 - Lead Tracking Systems LLC
151202 - Benseron Information Technologies Inc.
151201 - CardWare International Inc
151101 - Lion Capital Group LLC
150801 - Topcreditcardprocessors.com
150702 - Vision Payment Solutions LLC
150601 - Conformance Technologies
150502 - Global Processing Systems
150402 - Mercantile Processing Inc.
150401 - Field Guide Enterprises
150302 - Signature Card Services
150301 - Premier Payment Systems Inc.
150201 - Humboldt Merchant Services
150102 - Expansion Capital Group LLC
141102 - National Merchants Association
141001 - Instant Credit Manager
140902 - Merchant Cash and Capital LLC
140701 - National Transaction Corporation (NTC)
140601 - Total Merchant Services
140501 - Nationwide Payment Solutions
140501 - BPC Banking Technologies
140301 - Meritus Payment Solutions
140201 - Process Pink Payments LLC
131202 - First American Payment Systems L.P.
131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
130801 - Payment Logistics LLC
130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
130102 - Glazer_Kennedy Insiders Circle LLC
121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
091201 - Performance Training Systems Bankcard Boot Camp
091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
090302 - Velocity Merchant Services
090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
070402 - National Bankcard Systems