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
Bank of America says the future of cross-border payments is transcontinental transparency - PYMNTS.com
In a conversation with PYMNTS.com, Isabel Baransky, a director in Global Transaction Services at Bank of America and head of auto conversion products in transactional FX payments, says the lack of transparency is the biggest cause of friction in cross-border payments today.
The meaning of "the weekend" has changed and it's boosting the economy - Axios
Hybrid and remote work continue to be part of how most organizations’ work. And that’s having a fundamental (positive) impact on the economy and how and where consumers spend their leisure time and money.
Suppliers recast the definition of B2B loyalty - PYMNTS.com
Shawn Cunningham, managing vice president and head of Capital One’s trade credit operations, believes businesses need to rethink how they drive B2B customer loyalty. In this interview with PYMNTS.com, he discusses the emergence of ecommerce, multi-channel interactions, and how that extends to AR processes.
UK launches £1 billion fintech fund to compete with Silicon Valley - CNBC.com
The Fintech Growth Fund, backed by Mastercard, Barclays and the London Stock Exchange, aims to invest £10 million to £100 million into fintech companies.
JPMorgan: Healthcare payments need context to drive patient value - PYMNTS.com
Brad Garfield, managing director and head of healthcare solutions at J.P. Morgan Commercial Banking, sees a lot of opportunity for improvement in the patient payment experience. In his view, outdated healthcare processes not only create inconvenience, but they also slow down the payment process.
What 3 revenue cycle VPs are excited about right now - Becker's Hospital Review
Automation, machine learning and generative AI top the list as these executives look to drive innovation, increase operational efficiency and streamline the patient journey.
Focus on Indonesia
Indonesia and Singapore set to introduce QR code payments - Finextra
The central banks of Singapore and Indonesia are currently beta testing the use of QR codes for cross-border payments, the latest step in a plan that was announced in August 2022.
From Flywire
Flywire raises FY 23 guidance after WeChat partnership - FXCintelligence
Flywire has raised revenue guidance with higher profits expectations following strong financial results for Q2 2023.
CTO POV: PCI SSC leaders meet in Washington, D.C.
Flywire CTO David King and CISO Barbara Cousins recently had the privilege of representing Flywire at the PCI Security Standards Council (PCI SSC) Board of Advisors meeting in Washington, D.C.
Luxury travel providers have a unique opportunity to encourage sustainable travel. Here’s why.
Find out how luxury travel providers – and luxury travelers themselves – can both encourage sustainable travel, and show they’re doing the hard work of actually living those values as a company.
7 ways Tennessee State’s Bursar and CIO drive cross-campus collaboration
The second of a two-part series highlighting how Tennessee State University is innovating their financial processes to deliver better student financial experiences and outcomes.
Collaborators, communicators & agents of change: Higher ed IT pros helping to impact the student experience
IT professionals are embracing the notion of being collaborators, communicators, and agents of change within their institutions. They do this because they care deeply about the overall student experience.
Higher ed IT survey: Integration with ERP/SIS key to IT leaders, institutional success
As they evaluate new technology, HE IT leaders are constantly looking at how technology will impact the student experience and operations. A key deciding factor for implementing new technology is integration with the central ERP/SIS within the institution.
Data and payment security are top of mind for IT leaders in higher ed
As HE institutions expand the use of technology across their operations and curricula, IT leaders are prioritizing cybersecurity to ensure student and faculty information and payment data are protected. But it continues to be a challenge.
[Case Study] Transformative payment automation revolutionizes Grenoble Ecole de Management finance function
Renowned French business school, Grenoble Ecole de Management, has revolutionized its finance operations with Flywire, resulting in remarkable cost and time savings.
Stat of the week
$17.06 trillion. The figure for total household debt in the U.S in the second quarter of 2023, up $16 billion from the previous quarter.
Report of the week
U.S. Payments Forum Summer Market Snapshot: AI’s Industry Shakeup, FedNow in Focus, Combatting Shifting Fraud Trends - U.S. Payments Forum
77% of business leaders expect generative AI to have the largest impact, of all emerging technologies, on society, with fraud mitigation being the most sought after use case for the payments industry.
Word of the week
Finfluencer - People who use their social media platform to share videos that cover personal experiences, tips, opinions, and advice about investing, budgeting, financial trends, and the economy - giving broader access to knowledge, but carrying some concerns about their credentials for dispensing advice.
Conversation starter
Instacart Becomes First Grocery Marketplace to Accept SNAP Online in All 50 States - Instacart
Instacart has announced that they are now accepting Electronic Benefits Transfer for Supplemental Nutrition Assistance Program (EBT SNAP) for online grocery orders in all 50 states and Washington D.C, making them the only online grocery marketplace to accept SNAP across the U.S. With the expansion, Instacart now reaches more than 95% of U.S. households enrolled in SNAP, delivering on their commitment to modernize access to, and connect more communities with affordable and nutritious foods.