Our bi-weekly news roundup collects some of the headlines in payments and fintech to watch, giving leaders across industries (or fintech enthusiasts) a quick glance at some of the news in the space. In Flywire’s 10+ years in delivering the most complex, high value payments, we’ve had a unique opportunity to work with many different organizations in the fintech and payments ecosystem. We’ve seen changes in how clients get paid, how their customers want to pay and how central the payments experience has become – not just across the industries we focus on, but every industry.
Headlines
It's the summer of international travel — despite high prices - Axios
International travel is back in a big way with London, Paris and Tokyo the favored destinations this summer. Destinations such as South Korea and Shanghai are also seeing a large uptick in traffic.
How are payment companies thinking about artificial intelligence? - FXC Intelligence
AI was a popular topic in Q1 earnings calls for a varied array of companies – suggesting that the technology is on the table for newer tech companies and established players as well.
Generative AI Is Eating the World — How to Avoid Indigestion - PYMNTS.com
Generative AI has entered the room, and it appears that nothing will ever be the same. But as businesses seek to find future-fit efficiencies and transform their long-standing processes with AI’s wide-ranging applications, they also need to be aware of its pitfalls.
5 Ways to Reduce Accounts Receivable Risks, Strengthen Cash Flow - CFO
Analyzing data and asking your team what they need to work more efficiently are two of the ways to address financial risk and strengthen cash flow.
From Flywire
Flywire Survey: Education IT Leaders are Critical to Creating a Positive Student Experience
As the role becomes more complex, higher education IT leaders will be measured by metrics like student satisfaction and retention. Read Flywire’s full report, “An inside look at the changing world of the higher ed IT pro.”
Meet our travel payments experts: Maicol Restrepo
In our continuing series on the people behind our payments processes, we talk to Maicol Restrepo, who is one of Flywire’s client success operations managers.
CTO point of view: How will ChatGPT impact higher education CIOs?
David King shares his view on the promises of ChatGPT in terms of automating routine customer service tasks – but advises caution.
How one physician provider group reduced billing staff by 25% using an AI-driven chatbot
Flywire’s revenue cycle-focused, AI-driven chatbot is helping a large, multi-specialty physician group and healthcare management organization with more than 20K physicians and advanced practice providers operating in over 40 states in the U.S. is addressing staffing challenges.
Breaking down barriers to higher education affordability: 529 savings made easy with Oregon Savings and Bottledrop
Tackling the affordability of higher education takes big thinking, and sometimes it’s the small changes that have ripple effects beyond penny savings.
Flywire industry leadership on display in election to PCI Board of Advisors
Flywire will advise on PCI security standards as part of a small group of global organizations, weighing in on the future of the gold standard for credit card processing security.
Stat of the week
$1 trillion- an estimate of the credit card debt held by Americans, according to The Hill.
Report of the week
Federal Reserve Surveys: U.S. businesses, consumers want faster payment options to help navigate evolving needs
62% of US businesses surveyed by the Federal Reserve noted that cash flow management is one of their most impactful challenges, and said they need greater flexibility and speed in their payment options.
Word of the week
Toggling tax - the amount of time employees lose when jumping between tabs and apps – which Harvard Business Review puts at five working days a year, according to Entrepreneur.
Conversation starter
CFO Journal Summer Reads: 10 Book Recommendations
In search of a finance-friendly summer read? Here are picks of CFOs.