Flywire Corporation

Company Overview

Business Model: Flywire Corporation is a global payments enablement and software company that provides a next-gen payments platform, a proprietary global payment network, and vertical-specific software. The company's solutions help clients in education, healthcare, travel, and business-to-business (B2B) sectors manage accounts receivable, offering tailored invoicing, flexible payment options, and personalized omni-channel experiences. Flywire Corporation aims to automate paper and check-based processes and digitize payment experiences, transforming accounts receivable into a strategic, value-enhancing function for its clients. The business model encourages widespread utilization, with fees generally derived from transactions and platform usage.

Market Position: Flywire Corporation operates in a rapidly evolving and fragmented payments solutions market, targeting traditionally underserved sectors like education, healthcare, travel, and B2B. The company differentiates itself through its modern technology stack, extensive global payment network (over 240 countries and territories, 140 currencies), and deep vertical-specific expertise. As of December 31, 2025, Flywire Corporation serves approximately 5,000 clients globally (excluding recent acquisitions), including over 3,200 education institutions and more than 150 healthcare systems (four of the top 10 in the United States by hospital size). Its travel and B2B verticals comprise approximately 1,600 clients. The company's "local-in / local-out strategy" and optimized transaction routing provide a competitive advantage.

Recent Strategic Developments:

• Acquisition of Sertifi LLC: In February 2025, Flywire Corporation acquired Sertifi LLC for $330.0 million in upfront cash consideration (plus up to $10.0 million in contingent consideration). This acquisition is intended to accelerate Flywire Corporation's travel business and expand its offerings to support over 20,000 hotel locations globally.
• Acquisition of Invoiced: In August 2024, Flywire Corporation acquired Invoiced for approximately $51.7 million (net of cash acquired), including up to $7.5 million in contingent consideration. Invoiced is a U.S.-based software-as-a-service (SaaS) B2B company providing accounts receivable software, accelerating Flywire Corporation's global expansion in the B2B vertical.
• Acquisition of Learning Information Systems Pty Ltd. (StudyLink): In November 2023, Flywire Corporation acquired StudyLink, an Australian-based SaaS education company, for approximately $35.5 million (net of cash acquired), including up to $3.9 million in contingent consideration. This acquisition aimed to accelerate growth in the Australian higher education market and enhance the value proposition for payers, universities, and agents.
• Restructuring Plan: In February 2025, Flywire Corporation announced a restructuring plan to improve operational efficiencies, reduce operating costs, and better align its workforce with strategic priorities. This resulted in $8.7 million in charges during 2025, primarily for severance and accelerated share-based awards.
• Expanded Revolving Credit Facility: In August 2025, Flywire Corporation amended its 2024 Revolving Credit Facility, increasing total commitments from $125.0 million to $300.0 million.
• Share Repurchase Program Expansion: In July 2025, the Board of Directors approved an additional $150.0 million for the share repurchase program, bringing the total authorized amount to $300.0 million.

Geographic Footprint: Flywire Corporation has a global presence with its corporate headquarters in Boston, Massachusetts, and other leased locations in the United States and throughout the world. As of December 31, 2025, 39% of its employees (FlyMates) are in the Americas, 36% in Europe and the Middle East, and 25% in Asia-Pacific. The company's global payment network serves over 240 countries and territories and more than 140 currencies. Revenue distribution by primary geographical markets for the year ended December 31, 2025, was: Americas (45.9%), EMEA (38.7%), and APAC (15.4%).

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 59.6%
• Operating Margin: 1.8%
• Net Margin: 2.2%

Investment in Growth:

• R&D Expenditure (Technology and Development): $70.2 million (11.3% of revenue)
• Capital Expenditures (Purchases of property and equipment + Capitalization of internally developed software): $9.8 million
• Strategic Investments:
  • Acquisition of Sertifi LLC: $324.9 million (net of cash acquired)
  • Acquisition of Invoiced: $45.2 million (net of cash acquired)
  • Acquisition of StudyLink: $32.8 million (net of cash acquired in 2023, with ongoing contingent payments)

Business Segment Analysis

Flywire Corporation operates as a single operating and reportable segment. The Chief Executive Officer, as the Chief Operating Decision Maker (CODM), reviews financial information on a consolidated basis for operational decisions, performance assessment, and resource allocation.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: $72.9 million (5,623,829 shares repurchased in 2025).
• Dividend Payments: Flywire Corporation has never declared or paid any cash dividends and does not currently intend to do so for the foreseeable future, prioritizing reinvestment in the business and the Repurchase Program.
• Dividend Yield: Not applicable.
• Future Capital Return Commitments: Approximately $181.9 million remained available for repurchases under the $300.0 million authorized Repurchase Program as of December 31, 2025.

Balance Sheet Position:

• Cash and Equivalents: $330.3 million
• Total Debt: $0 (no outstanding indebtedness under the 2024 Amended Revolving Credit Facility as of December 31, 2025)
• Net Cash Position: $330.3 million
• Credit Rating: Not disclosed.
• Debt Maturity Profile: The 2024 Amended Revolving Credit Facility is a five-year senior secured revolving credit syndication loan, maturing in February 2029.

Cash Flow Generation:

• Operating Cash Flow: $100.2 million
• Free Cash Flow: $90.4 million (Operating Cash Flow - Capital Expenditures)
• Cash Conversion Metrics: Funds receivable from payment partners increased by $63.7 million, and funds payable to clients increased by $91.8 million in 2025, reflecting timing differences in collections and payments.

Operational Excellence

Production & Service Model: Flywire Corporation's model is built on its next-gen payments platform, proprietary global payment network, and vertical-specific software. It automates the accounts receivable value chain, facilitating global payment flows across multiple currencies and payment types. The platform integrates into clients' existing apps and workflows, offering tailored invoicing, settlement, reconciliation, recurring payments, and split payouts. The company emphasizes a digital-first user experience with personalized communication channels (SMS, chat, email, text, phone) and leverages AI and machine learning for fraud detection and payment preference matching.

Supply Chain Architecture: Key Suppliers & Partners:

• Financial Institutions: Global, regional, and local banks (e.g., Citigroup Inc.) form the core of the proprietary global payment network, enabling "local-in / local-out" payment options and local clearing capabilities in over 240 countries and territories.
• Payment Providers: China UnionPay Co. Ltd. and Adyen N.V. are key partners for alternative payment methods (e.g., Alipay, Boleto, PayPal / Venmo, Trustly).
• Technology Partners: Ellucian Company, L.P. (education), Cerner Corporation (healthcare), Epic Systems Corporation (healthcare), Rezdy Pty Ltd (travel), Oracle Corporation (B2B), Workday (education, B2B), and Tribal Group PLC (education) provide integrations with core operating systems and enterprise resource planning (ERP) systems.
• Cloud Hosting: Amazon Web Services (AWS) is used for cloud redundancy and infrastructure.

Facility Network:

• Corporate Headquarters: Boston, Massachusetts (10,946 square feet, lease expires June 2027).
• Other Leased Locations: Maintained in the United States and globally across 16 countries on 5 continents.
• Research & Development: Engineering and software development teams are globally dispersed, including in Spain, Romania, the United States, Israel, and Australia.
• Distribution: Not explicitly detailed, but the global payment network and local clearing hubs imply a distributed operational infrastructure.

Operational Metrics:

• Total Payment Volume: $37.6 billion in 2025, up 26.4% from $29.7 billion in 2024.
• Annual Net Dollar-Based Retention Rate: Approximately 110% in 2025 (compared to 114% in 2024 and 125% in 2023).
• Client Base: Approximately 5,000 clients as of December 31, 2025 (excluding Sertifi and Invoiced acquisitions).
• Geographic Corridors: Approximately 6,000 transaction flows between payers and payees in 2025.

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: Primary channel, utilizing regional sales teams in the United States, Canada, Latin America, Europe, and Asia Pacific (including Singapore, Japan, Australia). Relationship management teams cultivate existing relationships and identify cross-sell/up-sell opportunities.
• Channel Partners: Financial institutions (e.g., Bank of America Corporation), payment providers (e.g., China UnionPay Co. Ltd., Adyen N.V.), and software companies (e.g., Ellucian Company, L.P., Cerner Corporation, Tribal Group PLC, Oracle Health, Inc.) generate referrals and leads.
• Digital Platforms: Inbound digital channels, website, content marketing, lead generation, account-based marketing, virtual events, and industry trade shows.

Customer Portfolio: Enterprise Customers:

• Education: Over 3,200 institutions.
• Healthcare: Over 150 healthcare systems, including four of the top 10 in the United States by hospital size.
• Travel & B2B: Growing portfolio of approximately 1,600 clients.
• Customer Concentration: No single client accounted for 10% or more of total revenue in 2025, 2024, or 2023.

Geographic Revenue Distribution:

• Americas: $285.7 million (45.9% of total revenue) in 2025.
• EMEA: $241.0 million (38.7% of total revenue) in 2025.
• APAC: $96.3 million (15.4% of total revenue) in 2025.
• Growth Markets: The company leverages its platform to scale into new verticals and geographic markets, with a strong track record in healthcare, travel, and B2B payments.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The payments solutions market is fragmented, competitive, and rapidly evolving, with significant digital transformation opportunities in large sectors like education, healthcare, travel, and B2B. Legacy payment and accounts receivable infrastructure often suffers from paper-based, manual, and disparate systems, lacking functionality to drive value. Globalization increases the need for cross-border and local payment expertise and navigation of complex, often incongruous, regulatory landscapes.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• Legacy Payment Methods: Traditional bank wires, money transfers from remittance companies.
• Integrated Payment Providers: Companies focused on cross-border payments.
• B2B Payments Platforms: Other platforms offering B2B payment solutions.
• Vertical-Specific Software Solutions: Local niche players offering specialized software.

Emerging Competitive Threats: New market entrants, financial institutions developing their own solutions, and companies offering innovative revenue sharing and pricing arrangements. The rapid adoption of generative AI technologies may also impact traditional clients.

Competitive Response Strategy: Flywire Corporation aims to compete by continuously expanding its solutions, growing its client base, penetrating new markets, and investing in new technologies (e.g., mobile solutions, AI). It focuses on enhancing integration capabilities and maintaining a high-quality, differentiated service offering.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics:

• Decreased Enrollment/Tuition (Education): Global conflicts, geopolitical tensions, and restrictions on student visas (e.g., in the U.S., U.K., Canada, Australia) negatively impact cross-border education, leading to reduced payment flows. Changes in U.S. policy (e.g., H-1B visa fees, "One Big Beautiful Bill," "Compact for Academic Excellence") could reshape the higher education landscape, affecting student enrollment and institutional budgets.
• Healthcare Industry Evolution: Rapid technological change, increasing patient financial responsibility, and new competitors pose risks. Failure to adapt to evolving standards or demonstrate value could limit growth.
• Travel Industry Sensitivity: Events like conflicts (Russia-Ukraine, Israel-Hamas/Iran), natural disasters, and adverse economic conditions can negatively impact travel, reducing payment volumes.
• B2B Vertical Expansion: As a relatively new market for Flywire Corporation, B2B payments carry a higher risk profile, and success depends on effective integration with key ERP platforms and managing cross-border commerce restrictions.
• Economic & Political Instability: Global economic slowdowns, heightened interest rates, inflation, trade friction (e.g., U.S.-China, Canada-India), and geopolitical conflicts can reduce demand, increase operating costs, and disrupt supply chains.

Operational & Execution Risks

Supply Chain Vulnerabilities:

• Banking Partner Dependency: Reliance on a proprietary network of global, regional, and local banking partners. Instability in the banking sector or partners ceasing certain payment categories could disrupt operations and liquidity.
• Third-Party Service Provider Reliance: Dependence on payment providers (e.g., China UnionPay Co. Ltd., Adyen N.V.) and technology partners (e.g., AWS, EHR providers). Disruptions or changes in terms from these partners could harm business.
• Errors in Fund Transfer: Processing over $37.6 billion in payments in 2025 exposes Flywire Corporation to risks of financial losses from operational errors, software defects, or chargebacks, which could damage reputation.
• Cybersecurity Threats: Increasing sophistication and frequency of cyberattacks, including those exploiting AI, could lead to data breaches, operational disruptions, reputational harm, and legal liability.
• AI-Related Risks: Use of AI in solutions may lead to operational challenges, legal liability (e.g., intellectual property, privacy), reputational harm (e.g., bias, inaccuracy), and enhanced fraud concerns.
• Scaling Challenges: Rapid growth requires continuous investment in infrastructure, global payments network, and internal systems (e.g., client support, risk/compliance). Failure to scale efficiently could lead to service interruptions and reduced client satisfaction.

Financial & Regulatory Risks

Market & Financial Risks:

• Foreign Currency Exchange: Exposure to fluctuations in foreign currency exchange rates, particularly for cross-border payments, can impact cash flows and operating results. Hedging strategies may not fully offset adverse movements.
• Investment Portfolio Risks: Marketable securities portfolio is subject to credit, liquidity, market, and interest rate risks, which could cause value to decline.
• Tax Regulations: New or revised tax regulations (e.g., Inflation Reduction Act of 2022, "The One Big Beautiful Bill Act of 2025"), unfavorable resolution of tax contingencies, or changes to enacted tax rates could adversely affect tax expense.
• NOL Limitations: Ability to use net operating losses (NOLs) to offset future taxable income may be subject to limitations due to ownership changes under Section 382 of the Internal Revenue Code.

Regulatory & Compliance Risks:

• Payments & Financial Services Regulations: Subject to U.S. federal, state, and local regulations, as well as international laws (e.g., money transmission, foreign exchange, AML, CFT, escheatment, PCI DSS, GDPR, DSL, PIPL, CCPA, HIPAA, FERPA). Non-compliance could lead to fines, restrictions, and reputational harm.
• Economic & Trade Sanctions: Compliance with OFAC and similar international sanctions regimes. Past internal review identified potential sanctions compliance issues, leading to voluntary submissions to OFAC.
• Card Network Rules: Compliance with Mastercard, American Express, Visa, and other card network rules. Changes in rules or fees could increase costs or limit service offerings.
• Data Privacy & Security: Extensive laws and regulations (e.g., GDPR, U.K. GDPR, Amended APPI, DSL, PIPL, CCPA, CPRA, HIPAA, FERPA) govern the collection, use, disclosure, and protection of personal and sensitive data. Non-compliance or breaches could result in significant fines, litigation, and reputational damage.
• Anti-Corruption & Anti-Bribery: Subject to FCPA, U.K. Bribery Act, and other anti-corruption laws. Non-compliance by employees or third-party intermediaries could lead to criminal/civil liability.

Geopolitical & External Risks

Geopolitical Exposure:

• International Operations: Risks inherent in conducting business globally, including foreign currency volatility, adverse economic conditions, local licensing/reporting obligations, currency controls, trade barriers, and political/social unrest.
• Trade Relations: Diplomatic and trade friction between countries (e.g., U.S.-China, Canada-India) and imposition of tariffs or sanctions could adversely affect business.
• Conflicts & Instability: Continuation or escalation of conflicts (e.g., Russia-Ukraine, Israel-Hamas/Iran) could lead to market disruptions, supply chain interruptions, and increased cyberattacks.

Innovation & Technology Leadership

Research & Development Focus: Core Technology Areas:

• Next-Gen Payments Platform: Designed for high-stakes, high-value payments, supporting the entire transaction lifecycle across online, mobile, or in-person channels.
• AI and Machine Learning: Leveraged for predictive analytics, fraud detection, risk mitigation, and personalizing payment options (e.g., patient capacity to pay in healthcare).
• Software Integrations: Deep integrations with major accounting and ERP systems (e.g., Ellucian Company, L.P., Workday, Tribal, Epic Systems Corporation, Rezdy Pty Ltd, Oracle Corporation).
• Cloud-Native Infrastructure: Utilizes Amazon Web Services (AWS) for speed, resilience, and reliability, with a DevOps culture and microservice architecture.
• Innovation Pipeline: Continuous investment in new solutions and existing solution enhancements, including expanding integration capabilities, mobile solutions, and student financial software (SFS).

Intellectual Property Portfolio:

• Patent Strategy: Flywire Corporation does not have patents covering its technology and does not actively pursue patents.
• Licensing Programs: Not explicitly detailed as a revenue generation or strategic partnership focus.
• IP Litigation: May be subject to intellectual property disputes, which are costly and could lead to significant liability.
• Protection Strategy: Relies on a combination of copyrights, trademarks, service marks, trade secret laws, domain name dispute resolution, confidentiality procedures, and contractual restrictions. Actively pursues registration of trademarks, logos, service marks, trade dress, and domain names (122 registered trademarks/applications as of December 31, 2025).

Technology Partnerships:

• Strategic Alliances: Collaborates with financial institutions, payment providers, and software companies (e.g., Ellucian Company, L.P., Workday, Oracle Corporation, Epic Systems Corporation, Rezdy Pty Ltd, Tribal Group PLC). These partnerships enhance client acquisition and solution reach.
• Research Collaborations: Not explicitly detailed.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: The company's success depends on its management team and key employees. Changes in management or inability to attract/retain qualified personnel could harm the business. The company has "key person" insurance on its Chief Executive Officer, Michael Massaro.

Board Composition: Information regarding board composition, independence, expertise areas, and committee structure is incorporated by reference to the company’s definitive proxy statement.

Human Capital Strategy

Workforce Composition:

• Total Employees: Approximately 1,400 full-time employees and contractors (FlyMates) as of December 31, 2025, up from approximately 1,250 as of December 31, 2024.
• Geographic Distribution: 39% in the Americas, 36% in Europe and the Middle East, and 25% in Asia-Pacific.
• Skill Mix: Diverse team representing over 60 nationalities and 35 spoken languages, delivering critical domain expertise and regionally tailored skill sets. Includes highly skilled employees such as software engineers and product specialists.

Talent Management: Acquisition & Retention:

• Hiring Strategy: Focus on attracting highly qualified personnel, including software developers, compliance, and risk management professionals. Competition for talent is intense, especially in the U.S.
• Retention Metrics: Not explicitly stated, but the company's culture and mission are cited as key contributors to success and retention.
• Employee Value Proposition: Culture founded on shared experiences, diverse backgrounds, and belief in the mission. Equity incentive plans are used to attract, retain, and motivate employees.

Diversity & Development:

• Diversity Metrics: Employees represent over 60 nationalities and over 35 spoken languages. Multiple Employee Resource Groups (ERGs) promote collaboration and belonging.
• Development Programs: FlyMates spent over 4,500 hours on company-sponsored career development and training programs in 2025, available to all employees.
• Culture & Engagement: Values include Global Collaboration, Authenticity, Fulfillment, Execution, Ambitious Innovation, and Evolved Learning. These values guide hiring, performance, and daily interactions.

Environmental & Social Impact

Environmental Commitments: Climate Strategy:

• Emissions Targets: Conducts an annual greenhouse gas emissions audit over its own operations and significant value-chain emissions.
• Carbon Neutrality: Supports Tomorrow's Air (permanent carbon-removal collective) and the Adventure Travel Conservation Fund (ATCF) since 2020, converting financial support into measurable climate and biodiversity gains.
• Renewable Energy: Vision to reduce carbon-intensive activities and improve overall energy efficiencies.

Supply Chain Sustainability:

• Supplier Engagement: ESG requirements and supplier diversity programs are part of supplier engagement.
• Responsible Sourcing: Not explicitly detailed beyond general supplier engagement.

Social Impact Initiatives:

• Community Investment: Responds to local community needs during crises and offers volunteering resources where employees live and work.
• Product Impact: Payments technology and software drive financial inclusion by enabling payment plans, making high-value transactions (e.g., medical bills, education expenses) more accessible. For example, helped collect over $320.0 million in past-due tuition, keeping over 161,000 at-risk students enrolled.
• Data Privacy, Security, and Compliance: Dedicated compliance and risk management function with Board-level oversight. Commitment to payment security and industry leadership, with two employees on the PCI Security Standards Council (PCI SSC) Board of Advisors.
• Governance & Ethics: Committed to ethical and compliant business practices, with an actively enforced Code of Conduct and mandatory training on topics like anti-money laundering and information security.

Business Cyclicality & Seasonality

Demand Patterns:

• Seasonal Trends: Operating results are subject to seasonal trends. Revenue is historically largest in the third quarter, driven by the education peak season (summer and early fall months) for tuition payments. The timing of payments can vary by geographic corridor and vertical.
• Economic Sensitivity: Macro-level consumer spending trends for education, healthcare, and travel, including impacts from inflation or foreign exchange rate fluctuations, can affect payment volumes.
• Industry Cycles: Education enrollment and tuition costs are affected by factors like global conflict, geopolitical tensions, visa restrictions, and funding availability. The healthcare industry is rapidly evolving, and the travel industry is sensitive to global events and economic conditions.

Planning & Forecasting: The company's ability to forecast future revenues and expenses is limited due to the variety of factors affecting its operating results, including seasonality and external events.

Regulatory Environment & Compliance

Regulatory Framework: Industry-Specific Regulations:

• Money Service Business (MSB): Registered as an MSB with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), subject to the Bank Secrecy Act (BSA) and its implementing regulations (AML, CFT, record-keeping, reporting).
• Money Transmitter Licenses: Holds money transmitter licenses in 45 U.S. jurisdictions and is actively procuring licenses in others. Relies on exemptions in some states, which could be challenged.
• International Licensing: Licensed as Authorised Payments Institutions in the U.K. (FCA) and Lithuania (BOL), approved for a Major Payment Institution license in Singapore (MAS), registered as an MSB in Canada, foreign Electronic System Organizer in Indonesia, and Money Services Operator in Hong Kong.
• Consumer Finance & Protection: Subject to U.S. federal and state laws (e.g., TILA, FCRA, EFTA, TCPA) and CFPB oversight, particularly as they apply to clients and indirectly to Flywire Corporation's services (e.g., payment plans, disclosures).
• Card Network Rules: Must comply with rules from Visa, Mastercard, American Express, China UnionPay, JCB, and NACHA operating rules for ACH payments. Non-compliance can lead to fines, suspension, or termination of processing capabilities.

Trade & Export Controls:

• Export Restrictions: Subject to U.S. economic and trade sanctions administered by OFAC and similar foreign requirements. An internal review identified potential sanctions compliance issues, leading to voluntary submissions to OFAC.
• Sanctions Compliance: Processes in place to scan clients and customers against watch lists. Geopolitical events (e.g., Russia-Ukraine, Israel-Hamas/Iran conflicts) can lead to new sanctions impacting service offerings.
• Currency Controls: Certain jurisdictions (e.g., China, India) impose currency export controls, taxation at source, or documentation requirements, which Flywire Corporation's payment experience must accommodate.

Legal Proceedings:

• OFAC Sanctions Review: Initiated an internal review regarding compliance with OFAC sanctions, including payments from sanctioned jurisdictions/persons. Voluntary submissions made to OFAC, and the company is engaging to resolve these matters, not believing the potential loss to be material.
• Securities Class Action: Named as a defendant in a securities class action complaint (Hickman v. Flywire Corporation) filed in July 2025 (amended January 2026), alleging violations of Sections 10(b) and 20(a) of the Exchange Act related to revenue growth and visa policy impacts. The company believes it has strong defenses.

Tax Strategy & Considerations

Tax Profile:

• Effective Tax Rate: 37.0% for 2025, compared to (55.9)% for 2024.
• Geographic Tax Planning: Subject to taxation in multiple jurisdictions globally with complex tax laws. Foreign and state income taxes, and the release of U.S. and foreign valuation allowances, are primary drivers of the provision for income taxes.
• Tax Reform Impact: The Inflation Reduction Act of 2022 (IRA) includes a minimum corporate tax and a 1% excise tax on share buybacks (effective 2023). "The One Big Beautiful Bill Act of 2025" (OBBBA) enacted in July 2025, includes changes to U.S. corporate income tax, with some retroactive effects (e.g., R&D expensing, bonus depreciation) and others effective after December 31, 2025.
• Net Operating Losses (NOLs): As of December 31, 2025, had U.S. federal NOL carryforwards of $48.1 million and state NOL carryforwards of $81.6 million. Federal and material state NOLs begin to expire in 2031. Subject to Section 382 limitations, but the company does not believe an ownership change has occurred through December 31, 2025, that would limit their use.
• Research & Development Tax Credits: As of December 31, 2025, had federal R&D tax credit carryforwards of $8.7 million (expiring 2040) and state R&D tax credit carryforwards of $0.3 million (expiring 2028).
• Uncertain Tax Positions: Accrued $1.3 million for uncertain tax positions as of December 31, 2025.

Insurance & Risk Transfer

Risk Management Framework:

• Insurance Coverage: Maintains insurance to cover losses from errors and omissions and cyber risks, but coverage may not be adequate for all losses or available on economically reasonable terms.
• Risk Transfer Mechanisms: Enters into non-deliverable forward foreign currency contracts to mitigate foreign currency exchange rate volatility. Indemnifies certain partners and clients against third-party claims (e.g., intellectual property infringement, data privacy breaches). Has indemnification agreements with directors and executive officers.
• Cybersecurity Risk Management: Integrated into broader risk management framework with Board oversight (Audit Committee). Dedicated compliance and risk management function led by the Chief Information Security Officer (CISO). Engages external experts for audits and threat assessments. Implements stringent processes for third-party risk oversight.
• Fraud Prevention: Responsible for KYC reviews, sanctions screening, and transaction monitoring for fraud. Utilizes ML and AI-enabled fraud detection risk engine.
• Business Continuity: Subject to heightened scrutiny by regulators requiring specific business continuity, resiliency, and disaster recovery plans.### Company Overview Business Model: Flywire Corporation is a global payments enablement and software company. Its core value proposition is to simplify and automate complex, high-value payments for clients in traditionally underserved sectors such as education, healthcare, travel, and business-to-business (B2B). The company leverages a next-gen payments platform, a proprietary global payment network, and vertical-specific software to offer tailored invoicing, flexible payment options, and personalized omni-channel experiences. Revenue is primarily generated from transaction fees and platform and other fees, based on the volume and nature of payments processed.

Market Position: Flywire Corporation operates in a fragmented and competitive market, distinguishing itself through its specialized focus on complex payment flows and deep industry expertise. As of December 31, 2025, the company serves approximately 5,000 clients globally (excluding recent acquisitions), including over 3,200 education institutions and more than 150 healthcare systems (four of the top 10 in the United States by hospital size). Its global payment network spans over 240 countries and territories and supports more than 140 currencies, providing a "local-in / local-out strategy" and optimized transaction routing.

Recent Strategic Developments:

• Acquisition of Sertifi LLC: In February 2025, Flywire Corporation acquired Sertifi LLC for $330.0 million in upfront cash consideration, plus up to $10.0 million in contingent consideration. This acquisition is aimed at accelerating the company's travel business and expanding its offerings to support over 20,000 hotel locations globally.
• Acquisition of Invoiced: In August 2024, Flywire Corporation acquired Invoiced for approximately $51.7 million (net of cash acquired), including up to $7.5 million in contingent consideration. This acquisition of a U.S.-based software-as-a-service (SaaS) B2B company is intended to accelerate Flywire Corporation's global expansion in the B2B vertical.
• Restructuring Plan: In February 2025, Flywire Corporation initiated a restructuring plan to enhance operational efficiencies and reduce costs, resulting in $8.7 million in charges during 2025, primarily for severance and accelerated share-based awards.
• Expanded Revolving Credit Facility: In August 2025, Flywire Corporation increased its 2024 Revolving Credit Facility commitments from $125.0 million to $300.0 million.
• Share Repurchase Program Expansion: In July 2025, the Board of Directors authorized an additional $150.0 million for the share repurchase program, increasing the total authorized amount to $300.0 million.

Geographic Footprint: Flywire Corporation maintains a global operational presence, with its corporate headquarters in Boston, Massachusetts, and additional leased facilities across 16 countries on 5 continents. As of December 31, 2025, its workforce is distributed with 39% in the Americas, 36% in Europe and the Middle East, and 25% in Asia-Pacific. For the year ended December 31, 2025, revenue distribution by primary geographical markets was: Americas (45.9%), EMEA (38.7%), and APAC (15.4%).

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: 59.6%
• Operating Margin: 1.8%
• Net Margin: 2.2%

Investment in Growth:

• R&D Expenditure (Technology and Development): $70.2 million (11.3% of revenue)
• Capital Expenditures (Purchases of property and equipment + Capitalization of internally developed software): $9.8 million
• Strategic Investments:
  • Acquisition of Sertifi LLC: $324.9 million (net of cash acquired)
  • Acquisition of Invoiced: $45.2 million (net of cash acquired)

Business Segment Analysis

Flywire Corporation operates as a single operating and reportable segment. The company's Chief Executive Officer, as the Chief Operating Decision Maker (CODM), reviews financial information on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: $72.9 million (5,623,829 shares) in 2025.
• Dividend Payments: Flywire Corporation has not declared or paid cash dividends and does not intend to in the foreseeable future, prioritizing reinvestment in the business and the Repurchase Program.
• Dividend Yield: Not applicable.
• Future Capital Return Commitments: Approximately $181.9 million remained available for future repurchases under the $300.0 million authorized Repurchase Program as of December 31, 2025.

Balance Sheet Position:

• Cash and Equivalents: $330.3 million
• Total Debt: $0 (no outstanding indebtedness under the 2024 Amended Revolving Credit Facility as of December 31, 2025)
• Net Cash Position: $330.3 million
• Credit Rating: Not disclosed.
• Debt Maturity Profile: The 2024 Amended Revolving Credit Facility is a five-year senior secured revolving credit syndication loan, maturing in February 2029.

Cash Flow Generation:

• Operating Cash Flow: $100.2 million
• Free Cash Flow: $90.4 million (Operating Cash Flow - Capital Expenditures)
• Cash Conversion Metrics: In 2025, funds receivable from payment partners increased by $63.7 million, and funds payable to clients increased by $91.8 million, reflecting the timing of collections and payments.

Operational Excellence

Production & Service Model: Flywire Corporation's operational model is centered on its next-gen payments platform, proprietary global payment network, and vertical-specific software. This integrated approach automates the accounts receivable process from invoicing to reconciliation, supporting high-value, complex payments across diverse currencies and payment methods. The platform features AI and machine learning for fraud detection and personalized payment options, enhancing a digital-first user experience through various communication channels.

Supply Chain Architecture: Key Suppliers & Partners:

• Financial Institutions: A global network of banks (e.g., Citigroup Inc.) forms the backbone of the payment network, facilitating local clearing and "local-in / local-out" payment options.
• Payment Providers: Strategic partnerships with entities like China UnionPay Co. Ltd. and Adyen N.V. enable a wide array of alternative payment methods (e.g., Alipay, Boleto, PayPal / Venmo, Trustly).
• Technology Partners: Integrations with leading ERP and core operating systems from companies such as Ellucian Company, L.P., Cerner Corporation, Epic Systems Corporation, Rezdy Pty Ltd, Oracle Corporation, and Workday.
• Cloud Hosting: Amazon Web Services (AWS) provides the cloud infrastructure, ensuring redundancy and reliability.

Facility Network:

• Manufacturing: Not applicable; software and services company.
• Research & Development: Global engineering and software development teams are located in various regions, including Spain, Romania, the United States, Israel, and Australia.
• Distribution: The global payment network and local clearing hubs support worldwide service delivery.
• Corporate Facilities: Corporate headquarters in Boston, Massachusetts, and other leased offices globally.

Operational Metrics:

• Total Payment Volume: $37.6 billion in 2025, representing a 26.4% increase year-over-year.
• Annual Net Dollar-Based Retention Rate: Approximately 110% in 2025.
• Client Base: Approximately 5,000 clients as of December 31, 2025 (excluding recent acquisitions).

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels:

• Direct Sales: The primary channel, utilizing regional sales and relationship management teams across the Americas, Europe, Latin America, and Asia Pacific to acquire new clients and identify cross-sell/up-sell opportunities.
• Channel Partners: Strategic partnerships with financial institutions (e.g., Bank of America Corporation), payment providers, and enterprise software vendors (e.g., Ellucian Company, L.P., Oracle Health, Inc., Tribal Group PLC) drive organic referrals and lead generation.
• Digital Platforms: Leverages inbound digital channels, content marketing, account-based marketing, virtual events, and industry trade shows for lead generation and brand awareness.

Customer Portfolio: Enterprise Customers:

• Education: Over 3,200 institutions.
• Healthcare: Over 150 healthcare systems, including four of the top 10 in the United States by hospital size.
• Travel & B2B: A growing portfolio of approximately 1,600 clients.
• Customer Concentration: No single client accounted for 10% or more of total revenue in 2025, 2024, or 2023.

Geographic Revenue Distribution:

• Americas: 45.9% of total revenue in 2025.
• EMEA: 38.7% of total revenue in 2025.
• APAC: 15.4% of total revenue in 2025.
• Growth Markets: The company actively expands into new client verticals and geographic markets, leveraging its platform and expertise.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The market for payments solutions is characterized by fragmentation, intense competition, and rapid technological evolution. Significant opportunities exist in large, traditionally underserved sectors like education, healthcare, travel, and B2B, which are transitioning from legacy, manual, and paper-based systems. The global nature of commerce necessitates specialized expertise in cross-border payments and navigating complex, often inconsistent, regulatory environments.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• Legacy Payment Methods: Traditional bank wires and money transfers from remittance companies.
• Integrated Payment Providers: Companies specializing in cross-border payments.
• B2B Payments Platforms: Other providers offering B2B payment solutions.
• Vertical-Specific Software Solutions: Local niche players.

Emerging Competitive Threats: New market entrants, financial institutions developing proprietary solutions, and companies offering innovative pricing models. The rapid adoption of generative AI technologies may also impact traditional client segments.

Competitive Response Strategy: Flywire Corporation's strategy involves continuous investment in solution expansion, client base growth, new market penetration, and the adoption of emerging technologies (e.g., mobile solutions, AI). The company focuses on enhancing integration capabilities and maintaining a high-quality, differentiated service offering to sustain its competitive advantage.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics:

• Education Sector Vulnerabilities: Decreases in enrollment or tuition, limitations on student visas (e.g., in the U.S., U.K., Canada, Australia), and U.S. policy changes (e.g., H-1B visa fees, "One Big Beautiful Bill," "Compact for Academic Excellence") could negatively impact revenue.
• Healthcare Industry Immaturity: The market for technology-enabled healthcare payment services is relatively immature and unproven, with rapid technological change and new competitors.
• Travel Industry Sensitivity: Events such as regional conflicts (e.g., Russia-Ukraine, Israel-Hamas/Iran), natural disasters, and adverse economic conditions can negatively impact travel volumes.
• B2B Vertical Expansion Risks: As a relatively new market for Flywire Corporation, the B2B payment vertical presents operational difficulties, higher risk profiles, and sensitivity to cross-border commerce restrictions.
• Global Economic & Political Instability: Economic slowdowns, heightened interest rates, inflation, trade friction, and geopolitical conflicts can reduce demand and increase operating costs.

Operational & Execution Risks

Supply Chain Vulnerabilities:

• Banking Partner Dependency: Reliance on a proprietary network of global, regional, and local banking partners. Instability in the banking sector or partners ceasing certain payment categories could disrupt operations and liquidity.
• Third-Party Service Provider Reliance: Dependence on payment providers (e.g., China UnionPay Co. Ltd., Adyen N.V.) and technology partners (e.g., AWS, EHR providers). Disruptions or changes in terms from these partners could harm business.
• Errors in Fund Transfer: Processing over $37.6 billion in payments in 2025 exposes Flywire Corporation to risks of financial losses from operational errors, software defects, or chargebacks.
• Cybersecurity Threats: Increasing sophistication and frequency of cyberattacks, including those exploiting AI, could lead to data breaches, operational disruptions, reputational harm, and legal liability.
• AI-Related Risks: Use of AI in solutions may lead to operational challenges, legal liability (e.g., intellectual property, privacy), reputational harm (e.g., bias, inaccuracy), and enhanced fraud concerns.
• Scaling Challenges: Rapid growth requires continuous investment in infrastructure, global payments network, and internal systems. Failure to scale efficiently could lead to service interruptions and reduced client satisfaction.

Financial & Regulatory Risks

Market & Financial Risks:

• Foreign Currency Exchange: Exposure to fluctuations in foreign currency exchange rates, particularly for cross-border payments, can impact cash flows and operating results.
• Investment Portfolio Risks: Marketable securities portfolio is subject to credit, liquidity, market, and interest rate risks.
• Tax Regulations: New or revised tax regulations (e.g., Inflation Reduction Act of 2022, "The One Big Beautiful Bill Act of 2025"), unfavorable resolution of tax contingencies, or changes to enacted tax rates could adversely affect tax expense.
• NOL Limitations: Ability to use net operating losses (NOLs) to offset future taxable income may be subject to limitations due to ownership changes under Section 382 of the Internal Revenue Code.

Regulatory & Compliance Risks:

• Payments & Financial Services Regulations: Subject to U.S. federal, state, and local regulations, as well as international laws (e.g., money transmission, foreign exchange, AML, CFT, escheatment, PCI DSS, GDPR, DSL, PIPL, CCPA, HIPAA, FERPA). Non-compliance could lead to fines, restrictions, and reputational harm.
• Economic & Trade Sanctions: Compliance with OFAC and similar international sanctions regimes. An internal review identified potential sanctions compliance issues, leading to voluntary submissions to OFAC.
• Card Network Rules: Compliance with Mastercard, American Express, Visa, and other card network rules. Changes in rules or fees could increase costs or limit service offerings.
• Data Privacy & Security: Extensive laws and regulations govern the collection, use, disclosure, and protection of personal and sensitive data. Non-compliance or breaches could result in significant fines, litigation, and reputational damage.
• Anti-Corruption & Anti-Bribery: Subject to FCPA, U.K. Bribery Act, and other anti-corruption laws. Non-compliance by employees or third-party intermediaries could lead to criminal/civil liability.

Geopolitical & External Risks

Geopolitical Exposure:

• International Operations: Risks inherent in conducting business globally, including foreign currency volatility, adverse economic conditions, local licensing/reporting obligations, currency controls, trade barriers, and political/social unrest.
• Trade Relations: Diplomatic and trade friction between countries (e.g., U.S.-China, Canada-India) and imposition of tariffs or sanctions could adversely affect business.
• Conflicts & Instability: Continuation or escalation of conflicts (e.g., Russia-Ukraine, Israel-Hamas/Iran) could lead to market disruptions, supply chain interruptions, and increased cyberattacks.

Innovation & Technology Leadership

Research & Development Focus: Core Technology Areas:

• Next-Gen Payments Platform: Focus on developing and enhancing a platform for high-stakes, high-value payments, supporting the entire transaction lifecycle across various channels.
• AI and Machine Learning: Investment in predictive analytics, fraud detection, risk mitigation, and personalization engines (e.g., for payment options in healthcare).
• Software Integrations: Expanding integrations with major accounting and ERP systems (e.g., Ellucian Company, L.P., Workday, Epic Systems Corporation, Oracle Corporation).
• Cloud-Native Infrastructure: Utilizing Amazon Web Services (AWS) with a DevOps culture and microservice architecture for speed, resilience, and reliability.
• Innovation Pipeline: Continuous investment in new solutions and existing solution enhancements, including mobile solutions and student financial software (SFS).

Intellectual Property Portfolio:

• Patent Strategy: Flywire Corporation does not hold patents for its technology and does not actively pursue them.
• Licensing Programs: Not explicitly detailed as a primary focus for revenue generation or strategic partnerships.
• IP Litigation: The company may be subject to intellectual property disputes, which are costly and could lead to significant liability.
• Protection Strategy: Relies on a combination of copyrights, trademarks, service marks, trade secret laws, domain name dispute resolution, confidentiality procedures, and contractual provisions. As of December 31, 2025, the company had 122 registered trademarks and trademark applications.

Technology Partnerships:

• Strategic Alliances: Collaborates with financial institutions, payment providers, and software companies (e.g., Ellucian Company, L.P., Workday, Oracle Corporation, Epic Systems Corporation, Rezdy Pty Ltd, Tribal Group PLC) to enhance client acquisition and solution reach.
• Research Collaborations: Not explicitly detailed.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: The company's success depends on the continued services of its management team and other key employees. Changes in senior management or the inability to attract and retain qualified personnel could harm the business. The company has "key person" insurance on its Chief Executive Officer, Michael Massaro.

Board Composition: Information regarding the board of directors' composition, independence, expertise areas, and committee structure is incorporated by reference to the company’s definitive proxy statement.

Human Capital Strategy

Workforce Composition:

• Total Employees: Approximately 1,400 full-time employees and contractors (FlyMates) as of December 31, 2025, an increase from approximately 1,250 as of December 31, 2024.
• Geographic Distribution: 39% in the Americas, 36% in Europe and the Middle East, and 25% in Asia-Pacific.
• Skill Mix: A diverse team representing over 60 nationalities and 35 spoken languages, providing critical domain expertise and regionally tailored skill sets. Includes highly skilled employees such as software engineers and product specialists.

Talent Management: Acquisition & Retention:

• Hiring Strategy: Focuses on attracting highly qualified personnel, including software developers, compliance, and risk management professionals, in a competitive talent market.
• Retention Metrics: Not explicitly stated, but the company's culture and mission are highlighted as key contributors to success and retention.
• Employee Value Proposition: Culture founded on shared experiences, diverse backgrounds, and belief in the mission. Equity incentive plans are utilized to attract, retain, and motivate employees.

Diversity & Development:

• Diversity Metrics: Employees represent over 60 nationalities and over 35 spoken languages. Multiple Employee Resource Groups (ERGs) are dedicated to promoting collaboration and belonging.
• Development Programs: In 2025, FlyMates spent over 4,500 hours on company-sponsored career development and training programs, available to all employees.
• Culture & Engagement: Core values include Global Collaboration, Authenticity, Fulfillment, Execution, Ambitious Innovation, and Evolved Learning, which guide hiring, performance, and daily interactions.

Environmental & Social Impact

Environmental Commitments: Climate Strategy:

• Emissions Targets: Conducts an annual greenhouse gas emissions audit covering its own operations and most significant value-chain emissions.
• Carbon Neutrality: Supports Tomorrow's Air (permanent carbon-removal collective) and the Adventure Travel Conservation Fund (ATCF) since 2020, contributing to measurable climate and biodiversity gains.
• Renewable Energy: Aims to reduce carbon-intensive activities and improve overall energy efficiencies.

Supply Chain Sustainability:

• Supplier Engagement: Incorporates ESG requirements and supplier diversity programs into its supplier engagement.
• Responsible Sourcing: Not explicitly detailed beyond general supplier engagement.

Social Impact Initiatives:

• Community Investment: Responds to local community needs during crises and offers volunteering resources in communities where employees live and work.
• Product Impact: Payments technology and software promote financial inclusion by enabling payment plans, making high-value transactions (e.g., medical bills, education expenses) more accessible. For example, helped collect over $320.0 million in past-due tuition, aiding over 161,000 at-risk students.
• Data Privacy, Security, and Compliance: Features a dedicated compliance and risk management function with Board-level oversight. Demonstrates commitment to payment security and industry leadership, with two employees on the PCI Security Standards Council (PCI SSC) Board of Advisors.
• Governance & Ethics: Committed to ethical and compliant business practices, with an actively enforced Code of Conduct and mandatory training on topics such as anti-money laundering and information security.

Business Cyclicality & Seasonality

Demand Patterns:

• Seasonal Trends: Operating results and metrics are subject to seasonal fluctuations. Revenue is historically highest in the third quarter, driven by the education peak season (summer and early fall months) for tuition payments. The timing of payments can vary by geographic corridor and vertical.
• Economic Sensitivity: Macro-level consumer spending trends for education, healthcare, and travel, including impacts from inflation or foreign exchange rate fluctuations, can affect payment volumes.
• Industry Cycles: Education enrollment and tuition costs are influenced by factors such as global conflict, geopolitical tensions, visa restrictions, and funding availability. The healthcare industry is rapidly evolving, and the travel industry is sensitive to global events and economic conditions.

Planning & Forecasting: The company's ability to forecast future revenues and expenses is limited due to the variety and variability of factors affecting its operating results, including seasonality and external events.

Regulatory Environment & Compliance

Regulatory Framework: Industry-Specific Regulations:

• Money Service Business (MSB): Registered as an MSB with FinCEN, subject to the Bank Secrecy Act (BSA) and its implementing regulations (AML, CFT, record-keeping, reporting).
• Money Transmitter Licenses: Holds money transmitter licenses in 45 U.S. jurisdictions and is actively procuring licenses in others, relying on various exemptions in some states.
• International Licensing: Licensed as Authorised Payments Institutions in the U.K. (FCA) and Lithuania (BOL), approved for a Major Payment Institution license in Singapore (MAS), registered as an MSB in Canada, foreign Electronic System Organizer in Indonesia, and Money Services Operator in Hong Kong.
• Consumer Finance & Protection: Subject to U.S. federal and state laws (e.g., TILA, FCRA, EFTA, TCPA) and CFPB oversight, particularly as they apply to clients and indirectly to Flywire Corporation's services.
• Card Network Rules: Must comply with rules from Mastercard, American Express, Visa, and other card networks, as well as NACHA operating rules for ACH payments.

Trade & Export Controls:

• Export Restrictions: Subject to U.S. economic and trade sanctions administered by OFAC and similar foreign requirements. An internal review identified potential sanctions compliance issues, leading to voluntary submissions to OFAC.
• Sanctions Compliance: Processes in place to screen clients and customers against watch lists. Geopolitical events can lead to new sanctions impacting service offerings.
• Currency Controls: Certain jurisdictions (e.g., China, India) impose currency export controls, taxation at source, or documentation requirements, which Flywire Corporation's payment experience must accommodate.

Legal Proceedings:

• OFAC Sanctions Review: An internal review identified potential sanctions compliance issues, leading to voluntary submissions to OFAC. The company is engaging to resolve these matters and does not believe the potential loss to be material.
• Securities Class Action: Named as a defendant in a securities class action complaint (Hickman v. Flywire Corporation) filed in July 2025 (amended January 2026), alleging violations of Sections 10(b) and 20(a) of the Exchange Act. The company believes it has strong defenses.

Tax Strategy & Considerations

Tax Profile:

• Effective Tax Rate: 37.0% for the year ended December 31, 2025, compared to (55.9)% for the year ended December 31, 2024.
• Geographic Tax Planning: Operates as a multinational organization subject to taxation in various jurisdictions with complex tax laws. Tax provision is primarily driven by foreign and state income taxes and the release of U.S. and foreign valuation allowances.
• Tax Reform Impact: The Inflation Reduction Act of 2022 (IRA) includes a minimum corporate tax and a 1% excise tax on share buybacks. "The One Big Beautiful Bill Act of 2025" (OBBBA), enacted in July 2025, introduced changes to the U.S. corporate income tax system, with some retroactive effects (e.g., R&D expensing, bonus depreciation) and others effective after December 31, 2025.
• Net Operating Losses (NOLs): As of December 31, 2025, had U.S. federal NOL carryforwards of $48.1 million and state NOL carryforwards of $81.6 million. Federal and material state NOLs begin to expire in 2031. The company does not believe an ownership change under Section 382 has occurred through December 31, 2025, that would limit their use.
• Research & Development Tax Credits: As of December 31, 2025, had federal R&D tax credit carryforwards of $8.7 million (expiring 2040) and state R&D tax credit carryforwards of $0.3 million (expiring 2028).
• Uncertain Tax Positions: Accrued $1.3 million for uncertain tax positions as of December 31, 2025.

Insurance & Risk Transfer

Risk Management Framework:

• Insurance Coverage: Maintains insurance to cover losses resulting from errors and omissions and cyber risks. However, there is no assurance that coverage will be adequate for all losses or available on economically reasonable terms.
• Risk Transfer Mechanisms: Utilizes non-deliverable forward foreign currency contracts to mitigate foreign currency exchange rate volatility. Enters into indemnification agreements with certain partners and clients for intellectual property infringement, data privacy breaches, and other liabilities. Also indemnifies its directors and executive officers.
• Cybersecurity Risk Management: Cybersecurity risk management is strategically integrated into the broader risk management framework, with oversight from the Board's Audit Committee. A dedicated compliance and risk management function, led by the Chief Information Security Officer (CISO), assesses, monitors, and manages cybersecurity risks, including engaging external experts and overseeing third-party risks.
• Fraud Prevention: Responsible for performing KYC reviews, sanctions screening, and transaction monitoring for fraud. Leverages an in-house, AI and ML-enabled fraud detection risk engine.
• Business Continuity: As a provider of payment solutions to highly regulated clients, the company is subject to heightened scrutiny requiring specific business continuity, resiliency, and disaster recovery plans.