KUALA LUMPUR, Oct 29 -- Flywire is providing Bank of America a new offering that streamlines the receipt of cross-border transactions, simplifies billing, payment and receipt process.
The offering for Bank of America clients is available immediately.
In addition to providing international customers with foreign exchange rate transparency, the new offering enables them to remit funds via local payment methods.
According to Bank of America global head (Transactional FX Trading) Mike Robertson, they extend to 140 currencies in over 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.”
Among the solution advantages are multilingual customer service localised by region; round-the-clock online tracking; faster payment processing and settlement to improve cash flow and fuel growth; and, expert knowledge and navigation of country-specific requirements and regulations.
This year, total cross-border remittances will exceed US$22 trillion and are forecasted to increase to over US$25 trillion by 2025. Despite this growth, many organisations struggle with the cost and complexity of these transactions. (US$1 = RM4.18)
-- BERNAMA
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