Our monthly 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
B2B is the hottest growth segment across the cross-border space - FXC Intelligence
B2B payments is consistently growing at a stronger rate than many of the industry’s other areas – and current projections don’t see that slowing down, according to FXC Intelligence.
Why the Digital Transformation Needs a Reset – PYMNTS.com
Karen Webster and her colleagues at PYMNTS.com have been tracking the shift to digital, worldwide, since the start of the pandemic. She shares five distinct ways that shift has changed the way businesses need to operate to be successful.
Bank disintermediation, Fed control fuel bipartisan skepticism of CBDC – American Banker
Hopes of any near-term progress on a central bank digital currency were dimmed when a House Financial Services Committee raised concerns about stifling bank lending and giving the Fed too much control.
International Tourism Hit 84% of Pre-Pandemic Level - Skift
Around 700 million tourists traveled internationally between January and July 2023, according to the UN World Tourism Organization. The Middle East saw the strongest recovery followed by Europe, Africa and the Americas.
2023 AFP Risk Survey – Association of Financial Professionals (AFP)
AFP’s new report, Treasury’s Role in Supporting Organizations in an Uncertain Risk Environment, highlights a variety of external risks impacting the global banking system, causing supply chain disruptions, and challenging treasury’s ability to support their organizations.
Healthcare CFOs Concerned About Economy, Regulations – RevCycle Intelligence
A Deloitte Center for Health survey finds that the current economic environment is their top concern, followed by new regulatory requirements and cost structure.
From Flywire
Flywire adds Integrated Financing to Affordability Suite, bolsters payment solutions for patients and providers
To better align the financial needs of hospitals with the payment needs of patients, Flywire has expanded its Affordability Suite with Integrated Financing.
Flywire Global Education Survey: Payments Are a Path to Better Student Outcomes
In its latest survey, Flywire explored the attitudes and experiences of over 1,800 higher education students from nine different countries regarding pursuing and paying for higher education.
Flywire appoints Gretchen Howard to its Board of Directors
Gretchen Howard, a former Fidelity, Google and Robinhood executive, brings deep operating experience to Flywire’s Board.
How Penn Highlands Healthcare powered their patient financial experience to new heights
The provider set out to apply digital innovation to revenue cycle management to enhance the financial experience, increase collection rates, and ease staff burden.
New report: How A/R teams are responding to international expansion challenges
To better understand the perspectives, challenges and opportunities companies face as they grow to manage international A/R, Flywire commissioned an independent survey of 263 A/R and finance professionals at U.S.- based businesses.
Stat of the month
680,000 – reports of check fraud in 2022, nearly double that of 2021, according to the Financial Crimes Enforcement Network.
Report of the month
2023 Global Payments Report “On the cusp of the next payments era: Future opportunities for banks” - McKinsey
McKinsey’s annual report shines a light on the changing payments industry and explains how banks and others can capitalize on new dynamics.
Word of the month
Smart contracts. An application of blockchain technology, they are programs stored on a blockchain that run when predetermined conditions are met, such as automating the execution of a contract or workflow, according to IBM.
Conversation starter
$5+ Billion in Five Months – The Taylor Swift impact - US Travel Association
Swift’s Eras Tour went to 20 U.S. cities, and each concertgoer averaged $1,300 of spending on travel, hotel stays, food, merchandise and costumes.