The Green Sheet Online Edition
March 27, 2017 • Issue 17:03:02
Secure, international B2B receivables
Boston-based Flywire, a global payment solutions company established in 2011, added business-to-business (B2B) payments and receivables to its suite of technology solutions. Built to leverage the company's global processing platform, the service enables business owners to provide a tailored, localized payment experience to international clientele, the company stated.
Flywire reported that it processes billions in cross-border payments in more than 100 local currencies and 220 countries and territories. The company has offices in the United Kingdom, China, Japan, Singapore, Australia and Spain. Its client services include multilingual support via phone, email and chat, as well as 24/7 online payment tracking.
"Over the past five years, Flywire has steadily expanded and leveraged its global payment platform and collection network, partnering with clients that have a global collection need and providing payment options convenient to the payer," said Jason Moens, Vice President, Product at Flywire. "We started in the education space, then moved into healthcare, travel, luxury goods, publishing, business services, professional events, and medical equipment and services."
"What's unique about our platform is that it provides payment alternatives, e-wallet and global banking options," added Jeff Althaus, General Manager and Executive Vice President at Flywire's B2B division. "Our transactions flow over bank rails while facilitating local settlement and clearing."
Lower costs, remove friction
As companies compete in the increasingly global marketplace, each region presents different challenges and complexities. "Local currencies, unpredictable manual reconciliation and hidden fees affect payers and receivers alike, because costs and fees are on both sides," Althaus added. "A lot of factors can slow down receiving funds, creating a real challenge for these businesses."
Following are examples the company provided of how Flywire's B2B platform can solve B2B cross-border challenges:
- Accelerate cash flow: Flywire's cross-border processing services provide banks and processors with familiar transaction flows in their expected regional formats, with all necessary identifiers. This makes it easier for both payers and receivers to reconcile payments, accelerating cash flow by improving speed and transparency.
- Reduce costs: Improved cross-border payment efficiencies can eliminate hidden fees and demystify complicated and unpredictable foreign exchange rates that cost companies and individuals millions of dollars in unnecessary fees.
- Improve compliance: Flywire operates in multiple jurisdictions, adhering to country-specific regulations and anti-money-laundering guidelines, reducing complexity, costs and restrictions.
- Improve reconciliation: Flywire can enhance international payment reconciliation by connecting all entities involved in cross-border transactions. This can enhance customer satisfaction while reducing operational costs caused by short payments, manual errors and lack of transparency.
- Provide complete infrastructure: Flywire provides businesses with an out-of-the-box, compliant, cross-border infrastructure, enabling them to transact in multiple countries and regions without needing to establish bank accounts, certifications and relationships in each country.
Simplify international payments, receivables
Flywire's B2B platform is designed to help enterprises of all sizes expand and scale their businesses by eliminating the time, effort, resources and capital investment typically associated with global, cross-border payment transactions. By addressing multiple issues and challenges, the platform can enable businesses to provide highly tailored digital payment solutions to a variety of business segments. Merchants can adapt the platform to their unique needs and business models, while managing international receivables in a secure, efficient and fully compliant manner.
The service can benefit businesses that have a portion of their international payments processed over bank rails. It is also a timely resource for organizations that invoice international customers at regular intervals – whether weekly, monthly or quarterly – in volumes ranging from $5,000 to as much as $300,000 per month, the company stated.
Flywire is working with enterprise clients and strategic partners to simplify and enhance international payments and receivables. The company offers competitive exchange rates for currency conversion and end-to-end support services.
"The ease of our partnerships creates layers of value," Althaus said. "There's no integration required to leverage Flywire. Enrollment, cost savings and enhanced efficiencies are basically out of the box."
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.