Flywire furnishes Bank of America with cross-border payments solution
Payments firm Flywire has implemented a new cross-border payments solution at Bank of America, which it hopes will streamline cross-border transactions for the bank’s higher education and corporate clients.
The new service will provide Bank of America’s international customers with foreign exchange rate transparency and enable international customers to remit funds via local payment methods.
“Bank of America is always looking to meet the needs of our clients,” says Mike Robertson, global head of transactional FX trading at Bank of America.
“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.”
Flywire claims its solutions can give clients instant access to new and existing local payment methods in 240 countries and territories, in over 140 local currencies, without a need to set up infrastructure abroad.
“Even as economies become more global, cross-border payments and receipts remain complex, costly, and difficult to reconcile for both payers and receivers,” says 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.”