peerTransfer, a provider of payment solutions for the education industry, has relocated and expanded its US and European offices in Boston, Massachusetts and Valencia, Spain.

The company said that the move was necessitated by the doubling of its payment volume and revenue in the last 12 months.

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"The new state-of-the-art locations will facilitate continued innovation and make room for critical growth in engineering, sales, marketing and operations capacity," the company said in its press statement.

Also, peerTransfer rebranded itself as Flywire. Effective immediately the Flywire and peerTransfer logos are appearing on the peerTransfer website.

The company added that it will phase-out the peerTransfer name entirely over time.

Flywire chief customer officer Rob Rosenblatt said: "The Flywire name is rooted in our desire and vision to serve as the trusted provider for high-ticket payments that cross international borders.

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"In today’s world consumers are global, with opportunities to study, live, travel and explore around the world. Flywire will become the brand they trust for reliable, transparent payments in a world without borders."

The company processed $1bn in cross-border payments in the 2014-15 academic year and currently serves more than 750 educational institutions in the US, Europe and Asia.