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The Green Sheet Online Edition

July 23, 2018 • Issue 18:07:02

New Products

Global payments and receivables

Product: Global payments and receivables
Company: Flywire

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.

Partnerships drive innovation

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:

  • Accelerate cash flow: Flywire's cross-border processing services provide banks and processors with familiar transaction flows in their expected regional formats and 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, 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 to reduce 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 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 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. end of article

Website: www.flywire.com Contact: support@flywire.com">href="mailto:support@flywire.com">support@flywire.com

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.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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