First Data and Flywire Sign Strategic Agreement for International Payments
Collaboration will streamline cross-border transactions
in education, healthcare, and business-to-business segments
NEW YORK AND BOSTON, MAY 2, 2017 – First Data (NYSE: FDC), a global leader in commerce-enabling technology, and Flywire, a leading provider of international payment solutions, today announced a new strategic agreement aimed at streamlining cross-border transactions for their respective client bases. As part of the agreement, First Data and Flywire will form a reciprocal referral relationship, providing clients with a seamless integration between Flywire’s international payment and receivables platform, and First Data’s vast client network and technology solutions.
“First Data serves millions of businesses and thousands of financial institutions in more than 100 countries around the world,” said Frank Bisignano, Chairman and CEO of First Data. “We are excited to partner with Flywire, an innovative leader in international payment processing, to simplify cross-border payment acceptance for clients in the education and healthcare industries.”
Flywire offers a global transaction processing and receivables solution that makes international payments faster, easier, less expensive and more transparent. Today, over 1,300 clients across 18 countries use Flywire to process international payments.
As a result of the partnership, Flywire will now be able to significantly expand card payment options for their clients to make international payments even more convenient and cost-effective for their customers. In turn, First Data clients will be able to leverage the Flywire platform to accept large sum international payments from their customers, providing added transparency and easier reconciliation.
“Our goal is to take the friction out of cross-border transactions, wherever it may exist,” said Mike Massaro, CEO at Flywire. “Partnering with First Data significantly expands the payment options for our clients’ customers and has the potential to make the benefits of our platform available to tens of thousands of additional businesses and institutions around the world.”
As part of the strategic relationship, First Data will leverage Flywire’s presence in the education, healthcare, and business-to-business segments to increase its penetration in those markets. First Data will also resell and refer the Flywire platform to its clients, including those within the education and healthcare space, as well as clients in the travel and leisure, luxury goods, professional services, publishing, and technology industries. By leveraging First Data’s expansive network of clients, Flywire will be able to further its recent expansion into international payment and receivables for businesses.
Flywire is a leading provider of international payment solutions, connecting businesses and institutions with other businesses and consumers 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 1,300 organizations across 18 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 international operations in London and Manchester, UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia; and Valencia, Spain. For more information, visit www.Flywire.com.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The company’s 24,000 owner-associates are dedicated to helping companies, from start-ups to the world’s largest corporations, conduct commerce every day by securing and processing more than 2,800 transactions per second and $2.2 trillion per year.