Flywire Adds Machine Learning Capabilities to its Payment Platform
BOSTON and LONDON, April 08, 2019 (GLOBE NEWSWIRE) -- Flywire, a company that solves complex payment problems for leading businesses and institutions, today announced the addition of powerful new machine learning capabilities to its cross-border payment and receivables platform. The enhancements improve the payment-to-settlement time, increase security, and reduce costs for both payers and receivers by further automating and streamlining reconciliation of the growing number of international payments coming from different countries in different currencies.
There is significant interest in expanding the application of artificial intelligence and machine learning in the financial services sector. Research advisory firm Autonomous NEXT estimates that financial firms globally can eliminate up to 20% of costs through the implementation of the technology while also improving service quality. In the area of middle office processes such as payments, the company’s analysts point to increasingly complex regulations and real-time processes which are making artificially intelligent oversight, risk-management and KYC systems very valuable.
Typical legacy payment platforms employ rigid, rules-based systems to perform ‘best effort’ reconciliation of invoices with monies received for businesses and institutions collecting payments. These platforms are limited in their ability to support the ever-evolving business requirements, multiple currencies, and myriad payment methods involved in collecting cross-border transactions. As a result, a significant manual effort is required to review transaction records and reconcile payments.
With the addition of machine learning-enabled deep neural networks and reinforcement learning techniques, Flywire has enhanced its ability to streamline the identification and reconciliation of complex, cross-border payments in real-time. Its platform is now able to automate the matching of 90% or more of cross-border transactions and gain additional improvements as the models learn. Furthermore, the machine learning algorithms require minimal supervision to learn and support new payment methods and can confirm payment sources, detect anomalous payments, and escalate these to Flywire’s Compliance and Operations teams for review. The new capabilities also further optimize FX conversion.
“Accepting payments across borders is a highly complex process that increases the cost of collecting monies, opens up FX and fraud risks, and requires enormous operational investment,” said Jason Moens, VP of Product at Flywire. “As more and more businesses and institutions leverage our platform to address these challenges, we continue to look for new ways to enhance its capabilities. The addition of advanced machine learning further streamlines our clients’ payment and receivable operations and removes more of the potential risks that can negatively impact fundamental parts of their business. This allows them to offer customized payment solutions to more of their customers -- wherever they are in the world.”
About FlywireFlywire solves complex payment problems for businesses and institutions to empower new opportunities globally and locally. The company processes billions in payments per year, connecting all the entities involved to make those transactions faster, more secure, less expensive, and more transparent. Clients in business, education and healthcare use Flywire’s full-service platform to tailor the payment experience for their customers and to create a single point of visibility and control for payer engagement and receivables management – from invoicing and payment through reconciliation. Flywire also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking.
The company is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney. For more information, visit www.Flywire.com.
Media Contacts: Walsh Group Marketing for Flywire in the U.S. Tim Walsh +1. 617.512.1641 email@example.com CCgroup for Flywire in the U.K Wilfred Collins + 44 203 824 9205 firstname.lastname@example.org