US-based payments platform Flywire has unveiled a new offering of simplified cross-border payments and receipts for Bank of America.

Flywire’s platform specialises in large-sum cross-border transactions, and the new solution will simplify the cross-border billing, payment and receipt process while, providing international customers with foreign exchange rate transparency. The new offering also enables international customers to remit funds via local payment methods.

The Boston-based company provides services such as a single point of management and payer engagement from billing and payment through reconciliation, faster payment processing and settlement and instant access to new and existing local payment methods in 240 countries and territories, in over 140 local currencies.

At the end of September 2019, Flywire and Japan’s JCB International partnered to provide international students with a new method for making cross-border tuition payments. According to Flywire, cross-border payments and receipts represent a growing portion of transactions for banks and their clients, with the total cross-border remittances being expected to exceed USD 22 trillion this year.