Flywire Corporation has expanded its partnership with Trustly to enable open banking payments across the United States and Canada, the payments software company announced today. The integration allows users to authorize secure domestic and cross-border transactions directly from their bank accounts in local currency, eliminating traditional payment intermediaries.
The move positions Flywire to capture growing demand for instant bank-to-bank transfers in North America, where open banking adoption has lagged behind European markets. Traders and institutional clients dealing with large-value payments will benefit from reduced processing times and lower transaction costs compared to traditional wire transfers or card networks. The expansion is particularly significant for cross-border remittances between the US and Canada, representing a major corridor for business payments.
Flywire shares trade on Nasdaq under ticker FLYW. The company’s focus on education, healthcare, and B2B sectors means the enhanced payment rails could accelerate revenue processing for institutions handling high-volume international transactions.
FXnCO Insight
Payment processors with open banking capabilities are positioned to gain market share as North American businesses increasingly demand faster, cheaper alternatives to legacy payment networks.
Source: Finextra