Global payments platform Flywire is extending its agreement with China’s UnionPay, the Massachusetts-based company announced today.

The two are re-launching a program that discounts foreign exchange rates on cross-border tuition and healthcare transactions. The initiative, which first launched last spring, is available to all UnionPay cardholders making payments originating in China. The rate on foreign exchange payments made to participating education and healthcare facilities will be the same as a local bank transfer.

“We strive to offer our clients’ payers the most convenient and secure payment options in each international market they serve,” said Ryan Frere, vice president of global payments for Flywire. “For Chinese students and patients making cross-border payments, UnionPay is the most preferred and trusted brand. We’re pleased to expand this program and bring valuable savings to more payers and institutions.”

UnionPay is a smart partner pick for Flywire. The bank’s home country is the number one origination of students studying abroad. More than 662,000 Chinese citizens studied abroad last year, a figure up 9% from 2017. Medical tourism is also popular among Chinese citizens; more than 630,000 Chinese patients traveled abroad for medical care in 2018.

Flywire originally launched as peerTransfer in 2011, when the company debuted its college tuition payment platform at FinovateSpring 2011. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.

In addition to its Boston headquarters, the company has offices in Chicago, London, Manchester, Valencia, Shanghai, Singapore, Tokyo, Cluj, and Sydney.

With all of the talk about the benefits of enabling technology such as AI and machine learning, it’s not a surprise to see global payments platform Flywire getting in on the action. The Massachusetts-based company recently announced that it is leveraging machine learning to improve its payments and receivables solution.

Flywire’s recent machine learning updates allow the company to improve payment-to-settlement time, increase security, and automate payment reconciliation. The updates replace a legacy, rules-based system that was used to perform invoice reconciliation. Using machine learning reduces manual effort, supports changing business requirements, and minimizes human error.

Additionally, the machine learning algorithms can easily learn and support new payment methods, confirm payment sources, and optimize foreign exchange conversion. They also help reduce fraud by detecting anomalous payments and flagging them for Flywire’s compliance team.

“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.”

Flywire originally launched as peerTransfer in 2011, when the company debuted its college tuition payment platform at FinovateSpring 2011. While this flagship market makes up 80% of Flywire’s revenue, the company has since rebranded and expanded to tackle international payments for healthcare, travel, and businesses. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.

Last summer, Flywire raised $100 million to promote global expansion and fuel its bourgeoning healthcare and business segments. The investment boosted the company’s total funding to $143 million. Mike Massaro, who EY named a finalist for Entrepreneur of the Year, is Flywire CEO.