Flywire Snags PayPal for Cross-Border Payments
Cross-border payments and receivables specialist Flywire has added PayPal to its platform as a funding option, enabling businesses, students and patients to fund cross-border payments via PayPal accounts. PayPal now is available as a payment method for Flywire users in the U.S., Canada, U.K. and European Union, Flywire said.
Along with giving payers another popular option to fund international payments, the integration also will streamline payment reconciliation for payment recipients, including businesses, educational institutions and health care providers, Flywire said.
Adding PayPal as a funding option “furthers our objective of taking the friction out of international payments and making them every bit as familiar, easy and convenient as domestic payments,” said Ryan Frere, vice president of global payments, Flywire. PayPal has more than 200 million active account holders that use its platform to make payments around the world via mobile devices, in an app or in person.
The PayPal integration caps a busy first half of 2017 for Flywire. Earlier this month, the company acquired multicurrency invoicing specialist PACE Invoice, in a bid to enable Flywire clients to more easily link invoices to cross-border receivables. And in March, Flywire entered the B2B sector after focusing on tuition and other consumer cross-border payments for the first six years of its existence.