Flywire’s invoicing service emerges from beta
New solution features support for more than 100+ currencies
Payment and receivables solutions provider Flywire has added a new international invoicing service to its offerings, reports David Penn at Finovate.
The solution, which has been delivering thousands of invoices worldwide every month as part of a six month beta with select customers, will be available free of charge and can be deployed as a stand-alone product or integrated with Flywire’s payments and receivables platform.
The new solution features support for more than 100+ currencies, automatic invoice reminders, recurring and monthly installment invoicing, analytics and reporting, and built-in business and country-specific compliance requirements and instructions. The technology integrates with the company’s accounting software as well as with most enterprise applications.
Flywire CEO Mike Massaro points out that there is a big difference for most companies when it comes to domestic billing compared to international billing.
He explains: “When it comes to international billing, the process is far more complex, and if your invoicing does not make it easy for your international customers to pay you, it creates a domino effect of problems starting with extended DSO [days sales outstanding], high reconciliation costs, compliance issues, and poor customer satisfaction.”
Flywire’s new service comes as the Massachusetts-based company makes additional headlines on the international front courtesy of a partnership with the SP Jain School of Global Management.
Announced this week, Flywire and SP Jain will host a competition for student-led start-ups in Singapore and the APAC region. The first-of-its kind contest will launch later in May and Flywire is using the prize money it received from the Monetary Authority of Singapore (MAS) last year to fund the competition.
Founded in 2009 as peerTransfer, the company rebranded in the fall/autumn of 2015 to Flywire.
More recently, Flywire announced a partnership with Billtrust to streamline cross-border accounts receivables.
This spring, the company teamed up with Flutterwave to integrate the African payments API as the preferred cross-border payments option for students, patients, and businesses in Nigeria.
Flywire has raised more than $43 million in funding and includes Bain Capital Ventures, QED Investors, and Spark Capital among its investors.
