Product: Global B2B receivables
Boston-based Flywire, a global payment solutions company established in 2011, added business-to-business (B2B) payments and receivables to its suite of technology solutions. Built to leverage the company's global processing platform, the service enables business owners to provide a tailored, localized payment experience to international clientele, the company stated.
Flywire reported that it processes billions in cross-border payments in more than 100 local currencies and 220 countries and territories. The company has offices in the United Kingdom, China, Japan, Singapore, Australia and Spain. Its client services include multilingual support via phone, email and chat, as well as 24/7 online payment tracking.
"Over the past five years, Flywire has steadily expanded and leveraged its global payment platform and collection network, partnering with clients that have a global collection need and providing payment options convenient to the payer," said Jason Moens, Vice President, Product at Flywire. "We started in the education space, then moved into healthcare, travel, luxury goods, publishing, business services, professional events, and medical equipment and services."
"What's unique about our platform is that it provides payment alternatives, e-wallet and global banking options," added Jeff Althaus, General Manager and Executive Vice President at Flywire's B2B division. "Our transactions flow over bank rails while facilitating local settlement and clearing."
As companies compete in the increasingly global marketplace, each region presents different challenges and complexities. "Local currencies, unpredictable manual reconciliation and hidden fees affect payers and receivers alike, because costs and fees are on both sides," Althaus added. "A lot of factors can slow down receiving funds, creating a real challenge for these businesses."
Following are examples the company provided of how Flywire's B2B platform can solve B2B cross-border challenges:
Flywire's B2B platform is designed to help enterprises of all sizes expand and scale their businesses by eliminating the time, effort, resources and capital investment typically associated with global, cross-border payment transactions. By addressing multiple issues and challenges, the platform can enable businesses to provide highly tailored digital payment solutions to a variety of business segments. Merchants can adapt the platform to their unique needs and business models, while managing international receivables in a secure, efficient and fully compliant manner.
The service can benefit businesses that have a portion of their international payments processed over bank rails. It is also 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, the company stated.
Flywire is working with enterprise clients and strategic partners to simplify and enhance international payments and receivables. The company offers competitive exchange rates for currency conversion and end-to-end support services.
"The ease of our partnerships creates layers of value," Althaus said. "There's no integration required to leverage Flywire. Enrollment, cost savings and enhanced efficiencies are basically out of the box."
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