Flywire Continues to Expand its Cross-Border Payment and Receivables Business in the UK and Ireland
(Thomson Reuters ONE) -
Record Payment Volumes, Service Expansion, and Acquisition All Part of Strong
Growth in 2017
BOSTON and LONDON, Nov. 13, 2017 (GLOBE NEWSWIRE) --Â Flywire, a provider of
international payment and receivables solutions for businesses, schools and
healthcare providers, continues to expand its business in the United Kingdom,
Ireland, and the rest of Europe, highlighted by record cross-border payment
volumes, new service offerings, and the acquisition of a London-based fintech
startup earlier this year. The company is also hosting its second annual
FlyForum UK event, on November 14(th)Â in London, part of a global thought
leadership series.
Flywire, provides businesses, educational institutions, and healthcare providers
with the ability to offer their customers a highly-tailored, international
payment experience - customised by country, currency and vertical. The company
removes cost and complexity in the cross-border payment process for end-users
while offering financial and operations teams easy receivable tracking and
reconciliation. To date, the company has processed over $5 billion in
international payments and established its platform as the preferred solution
around the globe for cross-border payments and receivables processing.
There were several highlights for the company in the UK, Ireland, and across
Europe this year.
FlyForum UK
Flywire will host its second annual FlyForum UK Event in London on November 14.
The thought leadership event is part of a global series designed to bring
together education institutions doing business internationally to discuss some
of the key issues surrounding international student recruitment, cross-border
payment processing, security, and customer service. Discussion topics include
compliance, money laundering prevention, and international recruitment support.
The event will be held at Flywire's Canary Wharf offices in London.
Increased Number of Payments Processed and Clients Served
Flywire added over 100 new clients in the UK and Ireland over the last 12 months
- part of a 200+% increase in the volume of payments processed in the last two
years across Europe. The expansion includes the addition of many prestigious
business schools across Europe. In the last six months alone, Flywire signed an
average of more than two educational institutions every week across ten
different European countries.
Expanded International Coverage
Flywire has also expanded its support for payments across the globe. The
additions of Alipay in Asia, and PayPal worldwide give international students
attending schools in the UK, Ireland, and Europe more payment options, and make
those cross-border transactions more convenient.
Addition of Trustly as a Preferred Payment Option
Flywire is also integrating Trustly as a preferred payment option for businesses
and students in Europe making cross-border payments. With new digital
authentication methods, the bank account has grown in relevance across European
markets for both domestic and international payments. Flywire clients can now
offer their international customers a fast and easy way to pay directly from
their local bank accounts while streamlining payment and receivable
reconciliation for their administrators.
New Service to Address Requirements for International Students in Ireland
Flywire has tailored its platform specifically to meet recently added
requirements for international students who require a visa to study in Ireland.
Irish schools are required to set aside funds paid on behalf of some students
until the student's visa application is approved or rejected. Flywire takes this
burden off the schools with a new "delayed payment account" service. Flywire can
now hold tuition payments until the Irish Naturalization and Immigration Service
(INIS) decides on each application, transferring the funds to the school upon
visa approval, or returning funds to the payer if denied.
Acquisition of London-Based Startup, Pace Invoice
In June, Flywire acquired PACE Invoice, a multi-currency invoicing platform.
With it, Flywire enables its business, education and healthcare clients to more
easily link invoices to cross-border receivables, saving time and costs in
invoice preparation and payment reconciliation. The invoicing capability is
available to Flywire clients as an option with its cross-border payments and
receivables platform - providing end-to-end management from invoice delivery
through to payment reconciliation. PACE is an alumnus of Startupbootcamp FinTech
London, an accelerator program supporting early-stage tech companies.
Integration with First Data
In May, First Data and Flywire formed a reciprocal referral relationship,
providing clients with seamless integration between Flywire's international
payment and receivables platform, and First Data's vast client network and
technology solutions. The partnership significantly expands card payment options
for Flywire clients and enables First Data clients to leverage the Flywire
platform to accept large sum international payments from their customers, while
providing transparency and easy reconciliation.
New Offering for Businesses
In March, Flywire announced its entry into the $ trillion + business payment
processing and receivables market, using its platform to connect all the
entities involved in cross-border business transactions around the world. The
company is targeting multiple business segments including travel, luxury goods,
publishing, import/export, business/professional services, and technology to
eliminate the obstacles to international expansion including slow payment
processing times, a lack of transparency, unpredictable fees and FX costs, and
country-specific regulations and infrastructure requirements.
About Flywire
Flywire is a leading provider of international payment solutions, connecting
businesses and institutions with their customers on six continents. Introduced
six years ago as a way for international students to pay their tuition for
studies abroad, Flywire is now used by over 1,400 organizations across 19
countries around the world. The company processes billions in payments per year
from 220 countries and territories, via bank transfer, credit card and e-wallet
solutions, in over 120 different local currencies. Convenient, fast and secure,
Flywire's scalable platform provides currency conversion at exchange rates that
can offer significant savings when compared to home-market banks and credit card
providers. The company also supports its clients with end-to-end customer
support including multilingual servicing via phone, email, and chat, as well as
24/7 online payment tracking.
Flywire is headquartered in Boston, MA with operations in London and Manchester,
UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia; and Valencia,
Spain. For more information, visit www.Flywire.com.
Media Contacts:
for Flywire
Tim Walsh
+1 617.512.1641
timw(at)walshgroupmarketing.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Flywire via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 13.11.2017 - 09:30 Uhr
Sprache: Deutsch
News-ID 567779
Anzahl Zeichen: 8073
contact information:
Town:
Boston
Kategorie:
Business News
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