BOSTON, Oct 29 (Bernama-GLOBE NEWSWIRE) -- Flywire today announced a new offering that streamlines the receipt of cross-border transactions for Bank of America’s higher education and corporate clients.
The solution simplifies the cross-border billing, payment and receipt process. In addition to providing international customers with foreign exchange rate transparency, the new offering enables international customers to remit funds via local payment methods.
Cross-border payments and receipts represent a growing portion of transactions for banks and their clients. This year, total cross-border remittances will exceed $22 trillion and are forecasted to increase to over $25 trillion by 20251. Despite this growth, many organizations can struggle with the cost and complexity of these transactions.
“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, global head of Transactional FX Trading at Bank of America. “By adding Flywire’s offering, our higher education and corporate clients will experience much less friction in processing cross-border transactions.”
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