Flywire forays into B2B payments space

Flywire has expanded into the global business-to-business (B2B) payment processing and receivables market.

Flywire forays into B2B payments space

The company announced that its B2B payments processing and receivables solution, which has so far been running in testing phase with a few clients, will now accept cross-border B2B transactions, at a rate below those offered by many banks and wire transfer services.

The company will target multiple business segments such as travel, luxury goods, publishing, import/export, business/professional services, and technology.

The B2B solution, which is available immediately, will enable payment acceptance from 220 countries and territories, in over 100 local currencies via the most popular methods, the company said in a statement.

Flywire CEO Mike Massaro said: “If you’re a business trying to expand internationally, and want to sell to different countries, you require local bank accounts, certifications, relationships and more in each country to be able to accept payments from your customers.

“This is complex and time-consuming and makes it unnecessarily difficult for your customers to do business with you. We’re able to eliminate all of this friction and make the receipt of international payments as easy as domestic payments for any type of business.”

The company has put dedicated operations, sales and support teams in place to support it with personnel in the US, UK, Japan, Singapore and Australia to start.