FLYWIRE
Leveraging technology for transparency Behind Flywire’ s client-facing solutions lies significant technological infrastructure. Thérèse highlights key innovations improving transparency and efficiency in cross-border payments including account validation and payment insights tools.
Thérèse explains that account validation technology has evolved considerably in recent years. Previously, companies would send payments according to value dates that varied by currency, corridor and clearing channel. Recipients might wait days to confirm receipt, with little visibility into payment status.
“ Modern account validation tools verify that destination accounts are active and belong to the intended recipient before funds move,” she says.“ This eliminates rework from returned payments and reduces friction significantly. The technology is particularly advanced in the UK, US and SEPA regions. Flywire seamlessly integrates these tools into our existing network capabilities to greatly enhance service delivery to payers and clients.”
There are several payment insight tools that have enhanced Flywire’ s network performance. Anything that can provide real-time payment tracking and faster settlement confirmation are value add. Thérèse says that sometimes flywire. com