Quadient, and Flywire have formed a strategic partnership to automate and digitise B2B payments.
This partnership will see Quadient’s cloud-based accounts receivable (AR) management and automation solution, YayPay by Quadient, bring payment solutions of Flywire to its B2B clients.
Given that YayPay’s footprint and customer base has grown internationally, the firm felt an increasing need to offer seamless cross-border payments.
Flywire’s solution for B2B is claimed to bring together next-gen payments platform, payment network and vertical-specific software and embed them into the YayPay platform.
Customers of Quadient will stand to benefit from dynamic payments solutions. Firms will be able to accept and settle payments in over 240 countries and in over 140 currencies.
Users of YayPay will be able to use Flywire when conducting transactions and make payments using direct debit or electronic banking internationally.
The other benefits YayPay users would get are Flywire’s foreign exchange market (FX) management and currency exchange, automated reconciliation and local collection and settlement.
Furthermore, Flywire is claimed to bring an increased level of transparency for YayPay users, who can keep a track of when payments are coming in.
This partnership will allow Flywire to widen its reach into the B2B segment of the AR market.
Flywire executive vice president general manager of B2B Ryan Frere said: “When the opportunity came up to partner with the YayPay by Quadient invoice and billing solution, this was a natural fit.
“Flywire is committed to driving operational efficiencies for business all around the world, and this partnership enables us to extend the reach of our solution. We’re thrilled to partner with the Quadient team.”
Quadient chief strategy and product officer for Accounts Receivable Automation Anthony Venus said: “This is a strategic partnership that brings two market-leading companies together, and Flywire’s incredible network and payment architecture was the obvious choice for YayPay as we continue to expand our international footprint.
“Integrating Quadient’s cloud suite with leading enterprise platforms and partnering with best-in-class technology providers like Flywire is a key aspect of our go-to-market approach.”