Product: Global payments and receivables
Flywire, a global payment solutions company, enhanced its technology suite with business-to-business (B2B) cross-border payment solutions that leverage its processing platform. The solutions provide multilingual support and 24/7 online payment tracking to support diversified payment methods and currencies. Boston-based Flywire, established in 2011, has additional offices in the United Kingdom, China, Japan, Singapore, Australia and Spain, company representatives stated.
"We have expanded our suite of products for a variety of commercial industries to help business enterprises identify transactions effectively as they scale their global footprints," said Jason Moens, vice president, product, at Flywire. "Businesses with domestic billing systems may process tens of billions in payments but have little visibility into international payments."
For example, a Hong Kong bank without a direct relationship with a U.S. destination bank may have to use interim banks that pass funds while taking fees from a transaction, Moens noted. Information may become truncated or lost in flight even when payers correctly notate invoices, line items and business names; reconciling of hundreds and thousands of these invoices, even with dedicated teams, can rapidly become unmanageable, he said.
Moens pointed out that Flywire works with enterprise clients and strategic partners to simplify international payments and receivables and offer competitive exchange rates for currency conversion and end-to-end support services. Flywire partnered with Billtrust, a payment cycle management solutions provider, to facilitate cross-border payments in an array of localized payment methods and currencies. The partnership has helped Billtrust customers streamline efficiencies and expand into global markets, he said.
Flint Lane, founder and CEO of Billtrust, described the Flywire partnership as a "slam-dunk" for Billtrust customers, adding, "Flywire is a well-known and trusted entity in the cross-border payments space, and our combined strengths will allow for us to better serve both customer bases."
Following are examples Flywire provided of how its B2B platform can solve B2B cross-border challenges:
Flywire's B2B platform can help eliminate the time, effort, resources and capital investment typically associated with global, cross-border payment transactions, Moens said. The platform addresses multiple issues and challenges, enabling businesses of all sizes to tailor their payment solutions according to specific industry and business requirements. Merchants can adapt the platform to their individual business models to securely and efficiently manage international receivables in a fully compliant manner, he stated.
"As companies expand globally, the payment needs of cross-border clients may create gaps they are unable to fill," Moens said. "Flywire solutions can solve these challenges." The service can benefit businesses that process international payments over bank rails, he noted. Flywire's global payments and receivables platform can be 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, he said.
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