Bank of America has tapped Flywire to streamline cross-border transactions for its higher education and corporate clients.
The Flywire solution seeks to reduce complexities in cross-border remittances, which is expected to grow to more than $25 trillion by 2025.
The solution offers a transparent foreign exchange rate to the customers and facilitates associated billing, payment and receipt process, the payments firm noted.
Additionally, the international customers of Bank of America can use the Flywire offering to transfer funds using local payment methods.
It can also be integrated with client ERP systems to facilitate payment processing and reconciliation.
Bank of America global head of Transactional FX Trading said: “Bank of America 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 – that today extends to 140 currencies in more than 150 countries – by adding technological innovations and new trading and risk management solutions.
“By adding Flywire’s offering, our higher education and corporate clients will experience much less friction in processing cross-border transactions.”
Overall, the Flywire solution offers access to new and existing local payment methods in 240 countries, and more than 140 local currencies.
The clients can track the status of their transactions round-the-clock and seek expert knowledge on country-specific regulations.
Flywire CEO Mike Massaro said: “Even as economies become more global, cross-border payments and receipts remain complex, costly, and difficult to reconcile for both payers and receivers.
“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.”
Last week, Flywire rolled out its new payment solution for the adventure travel industry.