- Flywire and Bank of America to join forces and increase transparency around foreign exchange transactions
- Students and corporate clients to be the main customer profiles which will benefit from the move
- “By adding Flywire’s offering, our higher education and corporate clients will experience much less friction in processing cross-border transactions”, said Bank of America
One of the US’ largest financial services institutions has announced that it will pair up with a prominent international money transfer platform to improve payment receipt services.
Bank of America said that it would work alongside Flywire, which is a payment platform designed to increase transparency around remittances, to develop a new solution for customers.
As part of the new offering, customers of Bank of America will now be able to experience a more streamlined and simple cross border payments service with full transparency around the exchange rates paid.
It will also be possible for customers to send cash in the payment method, which is most suitable for them in their region.
Certain customer groups will benefit in particular from the new arrangement.
These will include students in higher education, as well as corporate clients.
In a statement, a Bank of America spokesperson said that customers were about to “experience much less friction” when making an online money transfer from place to place.
“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”, said Mike Robertson, who serves as the firm’s global head of transactional FX trading.
“By adding Flywire’s offering, our higher education and corporate clients will experience much less friction in processing cross-border transactions.”
For Flywire, CEO Mike Massaro said that the new partnership would mean the firm can “significantly expand”.
“Even as economies become more global, cross-border payments and receipts remain complex, costly, and difficult to reconcile for both payers and receivers”, he said.
“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”, he added.
Flywire is an interesting partner for Bank of America.
It is a payments platform which is growing in importance, and now has offices in a range of cities in markets across the world.
It is responsible for several billions in cash which is processed each year, and it targets a range of industries including healthcare and business – as well as education, which appears to be a strategic priority area for Bank of America.
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