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Fintech News for Payments professionals

Bank of America taps Flywire for streamlined cross border payments

Source: Flywire

Flywire today announced a new offering that streamlines the receipt of cross-border transactions for Bank of America Merrill Lynch’s higher education and corporate clients.

The solution simplifies the cross-border billing, payment and receipt process. In addition to providing international customers with foreign exchange rate transparency, the new offering enables international customers to remit funds via local payment methods.

Cross-border payments and receipts represent a growing portion of transactions for banks and their clients. This year, total cross-border remittances will exceed $22 trillion and are forecasted to increase to over $25 trillion by 20251. Despite this growth, many organizations can struggle with the cost and complexity of these transactions.

“Bank of America Merrill Lynch 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 through continued technological innovations along with new trading and risk management solutions,” said Mike Robertson, global head of Transactional FX Trading at Bank of America Merrill Lynch. “We are focused on taking the friction out of cross-border transactions to better serve our higher education and corporate franchise.”

Flywire has established its platform as the industry standard for large-sum cross-border transactions, offering payers a transparent, convenient and secure payment experience - customized by business, country, and currency - while accelerating funds flow and streamlining operational processes. We provide a number of important advantages for clients looking to expand their global reach:

A single point of management and payer engagement from billing and payment through reconciliation.
Faster payment processing and settlement to improve cash flow and fuel growth.
Instant access to new and existing local payment methods in 240 countries and territories, in over 140 local currencies.
Expert knowledge and navigation of country-specific requirements and regulations.
No need to set up international payment relationships and infrastructure in new markets.
Easy integration with client ERP systems for seamless payment processing and reconciliation.
24/7 online tracking.
Multilingual customer service localized by region.

The offering for Bank of America clients is available immediately.

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

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