Frans Wiwanto: Solving Compliance Challenges With Growth Centric Approach

Frans Wiwanto: Solving Compliance Challenges With Growth Centric Approach

Frans Wiwanto,  Managing Director - APAC

Frans Wiwanto

Managing Director - APAC

Today, people around the world don’t want any boundaries when it comes to fast and easy online transactions. Flywire, a global payments enablement and software company, removes those boundaries with flexible solutions that enable the global payment and receivables process through seamless transaction experiences.

Frans Wiwanto is Flywire’s Managing Director for the Asia Pacific region. In his current role, he manages a team of professionals in the region with responsibility for all matters across the business. Frans has more than 20 years of experience covering payments, investment banking, corporate banking, private banking, and global markets. He started his career with the Singapore Government where he was attached to the Inland Revenue Authority as a Senior Intelligence Officer and then to the Monetary Authority as an Assistant Director in the Securities & Futures Supervision Department. His career also included senior appointments at HSBC, RBS and Mizuho.

Frans Wiwanto engages in an exclusive interaction with the CEO Insight Magazine.

How would you define Flywire as an organization and its position in the market?

I would say that we are an innovative global payments enablement and software company. We are a Fintech hyper-focused on providing digital payment solutions for educational institutions, travel providers, healthcare systems, and hospitals and other corporations globally. Even though there have been great strides made in payment technology, many sectors including education and travel are still in the early stages of digital transformation. And that is why Flywire is well positioned to capture a meaningful share in these areas given our ability to provide deeply integrated solutions that address both domestic and cross-border payments.

The types of organizations we serve require payment processes and experiences that can deliver high stakes, high value payments and are specifically tailored to their industry, their business and their customers. Without Flywire, organizations often invest substantial resources in building their own payment offerings or rely on disparate legacy systems, which not only fail to meet their or their customers’ needs but also divert meaningful resources away from revenue generating work. When core payment capabilities like invoicing, diverse payment offerings, and reconciliation are inefficient, organizations miss the opportunity to use payments to scale and grow their business.

I am really motivated by the issues that we solve for our partners, customers and payers. I am excited knowing that we always try to plan for not only their problems today, but also what they will need tomorrow

hat is the unique proposition that your organization offers to clients?

We power the transformation of our clients’ accounts receivable functions by automating paper and check based business processes in addition to creating interactive, digital payment experiences for their customers. We can provide an integrated dashboard that automates the reconciliation process, and the absence of hidden fees ensures that institutions receive their amount in full. Besides, our platform also conducts due diligence screenings and thereby, reducing the risks of money laundering, terrorism financing, and fraud. As a result, clients who implement our crossborder and in country domestic payments and software solutions can experience improved accounts receivable, higher enrolment in payment plans, and a reduction in customer support inquiries. We help our clients turn their accounts receivable functions into strategic, value enhancing areas of their organizations.

Tell us about the major steps you follow to leverage and secure the transactions of the customers.

We have adopted a 4-pronged approach towards ensuring the security of the transactions of our customers.

First, we have rolled out a variety of anti-fraud systems to ensure that only legitimate payments will be processed within our network. Machine learning is utilized to detect fraudulent payments and dynamic 3DS controls are applied to credit card transactions. 

Second, we implemented numerous internal governance standards to ensure that our employees are fit and competent to process payment transactions entrusted to by our clients and their clients. Our segregated funds and processes ensure that our clients’ money remains safe. Our standards are also subject to independent and external validations.

Third, we have adopted a series of internal controls to combat both money laundering and terrorism financing to ensure that the transactions that go through our network are not the result of any financial crime or terrorism-related sources. All potential clients must undergo our robust KYC process and existing clients need to undergo periodical refreshes.

Fourth, we comply with various information security standards so that both our clients and their clients can be assured that  their data are handled confidentially, securely, and in compliance with the applicable data protection laws. We are proud to be both PCI DSS compliant and SOC II certified.

What are the changes in market behavior that you anticipate and what are the opportunities that you foresee?

I think that both the increase in competitors, as well as the proliferation of scams are the top challenges in our industry in the next few years. To ensure that both our clients and their clients remain satisfied, and their payments remain safe, we will continue to invest in our people and systems to make sure that we stay at least one step ahead.

What is the motivation that fuels your daily routines?

I am really motivated by the issues that we solve for our partners, customers and payers. I am excited knowing that we always try to plan for not only their problems today, but also what they will need tomorrow, and that helps drive inspiration and motivation for my daily routines.

Frans Wiwanto, MD-APAC, Flywire

Frans Wiwanto, MD-APAC, Flywire Frans Wiwanto has an Honors degree in Business Administration from the National University of Singapore. He is also a Chartered Financial Analyst and a Certified Anti-Money Laundering Specialist.

• Hobbies: Watches and Cars.

• Favorite Cuisine: Too many to list.

• Favorite Book: On Failure by The School of Life.

• Favorite Travel Destination: Europe in the summer.

• Awards & Recognition: 2021 RAW Compliance Award. Recognized as the “Compliance Influencer of the Year”.

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