Flywire is working with Bank of America to streamline cross-border payments for the bank’s higher education and corporate clients, whose foreign transaction traffic is rising along with global commerce.
The move simplifies processes and expands options for BofA’s international customers sending bills and collecting payments and receipts for cross-border B2B transactions, Flywire said in a Monday press release.
Flywire’s service enables BofA’s customers to remit funds in local payment methods, with clear disclosure of foreign exchange rates for payments in 240 countries and support for more than 140 local currencies, the release said.
“We are focused on taking the friction out of cross-border transactions to better serve our higher education and corporate franchise,” said Mike Robertson, BofA’s global head of transactional FX trading, in the release.
“The partnership puts all the capabilities of Flywire into the hands of Bank of America customers. For example, educational institutions that process international tuition payment through BofA will now be able to offer all the capabilities of Flywire through the bank to their international students, and get the efficiencies in reconciliation when they receive those payments," said Flywire CEO Mike Massaro via email.
