Top Characteristics of X-Border Payment Processors Archives | PYMNTS.com: Recent Episodes
None
The dynamic nature of the cross-border space continues to spark innovation and advancements in payments. But with banking undergoing its own transformation, how will these changes impact the way x-border players do business? Mike Massaro, CEO of Flywire, joined Karen Webster to share his take on the ever-changing digital banking landscape and what it means for the global movement of money.
Moving money from Point A to Point B is about a lot more than the transaction itself. For Global Citizens, as well as the receiving institutions on the other end, that payment experience is key. Jason Moens, VP of Product, Flywire, explained the technology and integrations needed to build a platform that can deliver on a great experience for both senders and receivers of international payments.
Global Citizens are an attractive (and quickly growing) market. They make high-ticket payments in full for things like education and health care, which can be a big revenue driver for institutions on the receiving end. But as Flywire’s Sharon Butler, EVP of sales, and David Herrick, GM of health care, pointed out, if an institution isn’t overcoming the challenges of accepting international payments and delivering the right experience, they stand to miss out on a big financial opportunity.
In a perfect world, there would be a global compliance payment standard making it easy to securely send and receive money all over the world. Unfortunately, that’s just not the case because the regulations that work in one country may not work in another — making processing x-border payments a mind-numbingly complicated job. But in this week’s episode of Flywire’s podcast series on Global Citizens, Peter Butterfield, Chief Compliance Officer at Flywire, gave Karen Webster an inside look at what it takes to overcome the nuanced differences in payments across borders.
Receivers and reconciliation are two of the biggest frictions in cross-border payments. And it’s especially acute when that receiver is an institution receiving thousands of payments each day. Ryan Frere, VP of global payments at Flywire, joined Karen Webster to talk about the one thing that can remove the pain in this latest podcast episode.
The movement of money cross-border by Global Citizens is growing tremendously. What’s needed, Flywire CEO Mike Massaro tells Karen Webster isn’t a money transmission network but a collection network that solves a pretty big problem for the receiving institution. Massaro’s conversation kicks off the Top Characteristics of X-Border Payment Processors podcast series and highlights what processors must do to meet the needs of these new cross-border remitters.