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According to Friede, as AP evolves into a technology plat- by 2020," said Paul Marcantonio, Head of UK and Western
form, it will change the way buyers and suppliers com- Europe at London-based ECommPay. "Consumers who
municate, thus paving the way for dynamic discounts and pay in multiple currencies and various payment methods
unique payment types. "Imagine receiving an invoice and expect instant gratification."
confirming you received everything you ordered ‒ in real
time," she said. "It will take a while to get to that point." As consumers adopt digital, online and smart payments,
this heightened demand puts additional pressure on
Automating AR merchants to provide an efficient, streamlined and

"Accounts receivables [AR] has been largely overlooked in frictionless payments process, Marcantonio said. "It has
the corporate sector," said Jeff Althaus, General Manager been suggested that the best type of payment process is
and Executive Vice President at Flywire. "Flywire saw a one that you do not realize is actually there," he added.
need for international payments that flow over bank rails "Once the initial verification has been handled, the rest
and facilitate local settlement and clearing," he said. should be very light-touch with all of the magic happening
behind the scenes."
With consumers around the world making large payments
from different time zones, the number and frequency of Marcantonio said automation is a critical factor in
payment-related questions and inquiries can occur at all compliance, especially when dealing with payment
hours and in a variety of languages, Althaus added. Any regulations and taxes across multiple geographical
entity accepting large, cross-border payments in any vol- territories. A streamlined payments ecosystem is only as
ume will need to be able to provide ancillary support ser- good as its ability to safely convert online transactions,
vices and 24/7 customer support. and inefficient compliance processes can distract and
ultimately interrupt the all-important checkout process.
"For over five years, we've partnered with clients that
have a global collection need, removing cost and friction, It is critical to comply with local payment regulations
and localizing banks into payment options convenient to and automate sales tax reconciliation across multiple
the payer," said Jason Moens, Vice President of Product geographies to ensure that only the right transactions
at Flywire. "Fees, currencies and unpredictable manual make it through the process, while also unburdening
reconciliations can slow down receivable cash flow, which merchants and increasing customer conversion rates,
can be a challenge for businesses. Hidden fees don't only Marcantonio noted.
impact receivers; these costs and fees are felt on both sides."
Streamlining and speeding up payments is the way our
Moens said Flywire started in the education market, industry is heading, but humans must set the parameters for
then moved into healthcare. In the process, the company Continued on page 55
recognized its massive
receivables network
could facilitate cross-
border payments.
"Each region presents
a different kind of
complexity," he said.
"Our B2B platform
provides payments and
receivables, with the
identifiers and formats
our clients expect ‒ by
web, by email and by
SMS update."

Cross-border
payments

"Global ecommerce is
growing at a dramatic
rate, estimated to be
worth $1.915 trillion in
2016 and predicted to
rise to over $4 trillion

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