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.
Here are some of the payments and fintech headlines from July 14 - July 26.
Headlines
Google to allow app developers to use rival payment systems, to cut fees -Reuters
Developers of non-gaming apps in the European Economic Area can now offer users an alternative to Google Pay’s billing system, with the companies paying a reduced fee when using a third-party. The move is in response to EU rules known as the Digital Markets Act (DMA), which require tech giants to allow app developers to use rival payment platforms for app sales or risk fines of as much as 10% of their global turnover.
UK fintech investment grows despite global slowdown - Finextra
So far, the U.K. seems to have remained immune from slowed investment in fintech, Finextra reports. Global fintech capital investment was flat globally in the first half of the year, but the U.K. saw an increase of 24%.
Instagram Adds In-Chat Payment Feature - SearchEngineJournal
Instagram has embedded some payment functionality in its chat feature that will allow consumers to initiate a conversation with merchants through direct message, ask questions and buy things directly within the thread.
Central Banks’ Interest-Rate Moves Complicate Companies’ Hedging Strategies – The Wall Street Journal
Companies are rethinking their hedging programs in light of the strong U.S. dollar, and are using forward contracts and options to reduce risks from currency fluctuations, according to The Wall Street Journal.
Amazon to acquire One Medical clinics in latest push into healthcare - The New York Times
Lest there was any doubt about the increasing consumerism of healthcare – Amazon erased it with its $3.9 billion acquisition of One Medical, a chain of nationwide primary care clinics and virtual care that subscribers access with a $199 annual fee. One Medical has a custom-built EMR system, according to news reports, which some experts speculate Amazon could leverage to better predict costs, target care and more. That’s something not all subscribers are celebrating.
FHFA opens fintech office and seeks feedback on mortgage fintech- Housing Wire
The Federal Housing Finance Agency launched a new Office of Financial Technology, which it said will be the main point of contact for fintech matters. The agency is also seeking feedback on how to incorporate technological advancements into the mortgage lifecycle.
Index Ventures VCs say they're betting on industry-specific software as the market sours - Business Insider
Vertical software, or software tailored to specific industries, is poised to do well amid the current economic downturn, according to two VCs at Index Ventures.
Citi gets a lift from treasury, trade solutions - American Banker
Early investments in treasury and trade solutions are starting to pay short-term dividends, with revenues for the division increasing 33% year over year. This is in large part, American Banker reports, because of “an uptick in client activity in the form of higher loans, higher deposits and an increase in cross-border transactions.”
Mastering the Psychology Behind How Guests Want to Pay Hotel Bills - Skift
Bad payments’ experiences erode travel experiences. Some 40% of respondents surveyed in an Amadeus report said they recently experienced some kind of problem when paying at a hotel, and more than a third said they couldn’t pay how they wanted during a recent stay. Amadeus commissioned behavioral insights agency Innovationbubble for the report: “Opening the door to guest-centric payments: The opportunity for hospitality,” for which it interviewed hundreds of international leisure and business travelers from the U.S., U.K. and Brazil.
From Flywire
8 highlights from Forrester’s Total Economic Impact study of Flywire’s healthcare payments platform
Forrester Consulting examined the financial impact healthcare organizations can expect when deploying Flywire’s payment platform.
5 payment technology priorities for healthcare CIOs
What should CIOs be mindful of in integrating billing and payments with EHR systems to enhance EHR functionality? Here’s some of what we’re seeing.
CFOs of the year: Ellis had led Flywire through major milestones - Boston Business Journal
Recently named CFO of the Year by Boston Business Journal, Mike Ellis talks about career highlights, the evolving role of the CFO and what he would have done if he didn’t go into finance.
Do you have A/R cash traps? 5 questions to ask - CPA Practice Advisor
Identifying A/R cash traps to free cash on the balance sheet is critical in our global economic environment. How can the finance and accounting department take a leading role here? Flywire EVP and GM of B2B Ryan Frere shares advice.
Stat of the week
3.2% - The forecasted pace of global economic growth by the International Monetary Fund, compared with 6.1% for 2021.
Report of the week
Travel 2022: Trends and Transitions
Among the many trends in this year’s global travel report, Mastercard finds that buyers continue to favor experiences over things – with tourism spending from the U.K. and Germany, to France and Italy outperforming spending on things since 2021.
Conversation starter
Dee Hock’s Vision Shaped Payments’ Modern Age — From Cards to Crypto- PYMNTS.com
Earlier this month, VISA founder and CEO emeritus Dee Hock passed away at the age of 93. More than 20 years ago he wrote a book called “The Birth of the Chaordic Age,” which captured the unique balance of chaos and order in modern organizations – and is more true than ever in our current day financial ecosystems.