YayPay, by Quadient, has announced a new strategic collaboration with Flywire in a bid to automate and digitise business-to-business (B2B) payments globally.
As a result of the partnership, YayPay – Quadient’s cloud-based accounts receivable (AR) management and automation solution – will look to extend Flywire’s global digital payment solutions, and as the platform’s international footprint and customer base has grown, the need to provide cross-border payments has increased.
“This is a strategic partnership that brings two market-leading companies together, and Flywire’s incredible network and payment architecture was the obvious choice for YayPay as we continue to expand our international footprint,” commented Anthony Venus, Chief Strategy and Product Officer, Accounts Receivable Automation, Quadient.
“Integrating Quadient’s cloud suite with leading enterprise platforms and partnering with best-in-class technology providers like Flywire is a key aspect of our go-to-market approach.”
The collaboration sees Flywire’s solution for B2B embedded into the platform, and in turn, Quadient’s customers are expected to benefit from ‘flexible and dynamic’ payments solutions to enable businesses to settle payments in more than 240 countries and in around 140 currencies.
YayPay users can use Flywire when transacting internationally and to pay using direct debit or electronic banking, and the company claims that customers can benefit from its foreign exchange market (FX) management and currency exchange, automated reconciliation and local collection and settlement.
Ryan Frere, executive vice president and general manager of B2B for Flywire, noted: “When the opportunity came up to partner with the YayPay by Quadient invoice and billing solution, this was a natural fit.
Furthemore, the transactions enterprise also brings enhanced transparency for YayPay users, who can easily track when payments are coming in. For Flywire, the collaboration ‘broadens the company’s reach’ into the B2B segment of the AR market.
“Flywire is committed to driving operational efficiencies for businesses all around the world, and this partnership enables us to extend the reach of our solution. We’re thrilled to partner with the Quadient team,” Frere added.
Moreover, its solution for B2B enables businesses to automate their AR process, while providing customers a ‘modern payment experience’ including features such as tailored invoicing, settlement and reconciliation tools, flexible payment options and custom ERP integrations.