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Flywire teams up with BofA on cross-border payments

Flywire has unveiled a new offering of simplified cross-border payments and receipts for Bank of America’s higher education and corporate franchise.

Flywire’s platform specialises in large-sum cross-border transactions, and the new solution will simplify the cross-border billing, payment and receipt process while, providing international customers with foreign exchange rate transparency.

The new offering also enables international customers to remit funds via local payment methods.

Mike Massaro, CEO of Flywire, said: “Even as economies become more global, cross-border payments and receipts remain complex, costly, and difficult to reconcile for both payers and receivers.”

“Working with Bank of America, one of the world’s most trusted financial services providers, we can significantly expand access to the Flywire solution, while providing integrated banking and payment solutions that make the receipt of global payments much faster and easier for any type of business or institution,” he said.

The Boston-based company provides services such as a single point of management and payer engagement from billing and payment through reconciliation, faster payment processing and settlement and instant access to new and existing local payment methods in 240 countries and territories, in over 140 local currencies.

At the end of September, Flywire and Japan’s JCB International partnered to provide international students with a new method for making cross-border tuition payments.

Also commenting, Mike Robertson, Global Head of Transactional FX Trading at Bank of America, said that by adding Flywire’s offering, its higher education and corporate clients will experience much less friction in processing cross-border transactions.

“Bank of America is always looking to meet the needs of our clients. One way we’re doing that is by enhancing our international payments and receipts offerings – that today extends to 140 currencies in more than 150 countries – by adding technological innovations and new trading and risk management solutions,” Robertson said.

According to Flywire, cross-border payments and receipts represent a growing portion of transactions for banks and their clients, with the total cross-border remittances being expected to exceed $22 trillion this year. By 2025, this is forecasted to increase to over $25 trillion.

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