Global cross border payments segment has seen significant technology advancements in past couple of years. However, there growth in technology still has long way to go. The bitcoin and blockchain technology have more room for growth in coming years. In terms of business payments, a major challenge faced is too many associations with different banks and various processes towards sending and receiving money. Additionally, most players are still aiming for bringing down the cost of remittance. However, in recent times a positive change is appearing in remittance segment as emerging markets such as Africa and Central America are showing growth and improvement in cross border payments.
Global payments technology solution provider First Data has partnered with Flywire which enables international payments to businesses, to simplify cross border business payments. As part of the agreement, both companies has agreed to strategically work towards streamlining the cross border transactions for their respective client bases. A reciprocal referral relationship will be formed that will provide clients an integration of Flywire’s international payment and receivables platform and client network and technology solutions of First Data.
Through this strategic partnership, it is expected that First Data will leverage Flywire existence in education, healthcare and B2B segments to increase its penetration and resell and refer Flywire platform to its clients in education and healthcare segments. It also plans to project it to other clients in travel and leisure, luxury goods, professional services, publishing and technology segments as well. It will add to the transparency and easier reconciliation of the process. Flywire is also expected to leverage First Data’s client network to drive international expansion.
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