Flywire, a leading provider of international payment solutions, today announced its entry into the trillion $ plus, global business-to-business (B2B) payment processing and receivables market.
The company, which began as an international payment processor for education and healthcare institutions, will leverage its online platform to make cross-border B2B transactions faster, easier, less expensive and more transparent for businesses across a variety of industry verticals.
Flywire is already processing billions of dollars each year in international payments. Now the company is taking an additional step to use its platform to connect all the entities involved in cross-border B2B transactions around the world. The company is targeting multiple business segments including travel, luxury goods, publishing, import/export, business/professional services, and technology, and has several deployments already underway.
Even as economies become more global, international payments and receivables remain complex, costly, non-transparent and difficult to reconcile for both payers and receivers. This makes international business increasingly difficult for companies and their customers on multiple levels:
• Slow, unpredictable processing times hurt cash flow and impede growth.
• A lack of transparency creates frequent manual errors increasing operational costs and hurting customer satisfaction.
• Hidden unnecessary fees and unpredictable FX rates cost companies and their customers millions of dollars every year.
• Businesses trying to expand into new countries spend unnecessary time and cost setting up international payment infrastructure, distracting from their core business.
• Country-specific regulatory restrictions add additional complexity and costs.
With Flywire, businesses can now offer their business customers a highly-tailored, international payment experience -- customized by country, currency and vertical -- at a fraction of the cost of traditional bank and wire transfers. The platform enables payment acceptance from 220 countries and territories, in over 100 local currencies via the most popular methods. It also provides businesses with the ability to manage international receivables with 24/7 online tracking for themselves and their customers, enabling easy reconciliation while also ensuring robust compliance and anti-money laundering controls are applied to every transaction. Flywire will also provide end-to-end multilingual customer service via phone, email, and chat.
“If you’re a business trying to expand internationally, and want to sell to different countries, you require local bank accounts, certifications, relationships and more in each country to be able to accept payments from your customers,” said Mike Massaro, CEO of Flywire. “This is complex and time-consuming and makes it unnecessarily difficult for your customers to do business with you. We’re able to eliminate all of this friction and make the receipt of international payments as easy as domestic payments for any type of business.”
The B2B solution is available immediately and Flywire has put dedicated operations, sales and support teams in place to support it with personnel in the US, UK, Japan, Singapore and Australia to start.
Contributed | what does this mean?