Our 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 of 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:
Enhanced payment systems are the secret sauce to business resilience - PaymentsJournal
According to a new survey from U.S. Bank, businesses see modern approaches to payments as essential to keeping up with changing customer preferences and new data security challenges.
6 payments trends to watch in 2024 – PaymentsDive
From faster payments and new forms of fraud to industry consolidation.
Financial institutions battle to mold the CFPB’s open banking plan to benefit themselves –
Insider Intelligence
The feedback period on the CSFB’s open banking plan closed in December 2023 with over 11,000 comments. The feedback points to a looming battle between big banks and fintechs.
Analyzing China’s Travel Reopening, Exactly A Year In – Skift
Skift founder and CEO Rafat Ali interviewed travel analyst and author Gary Bowerman about the state of travel and tourism in and out of China and what we can expect ahead. The conversation touches on a range of topics including geopolitical factors, global and local economics and less stringent visa requirements.
Virtual student IDs enhance connected campus experience with added security, convenience – PYMNTS.com
The pandemic’s push towards online learning not only accelerated the integration of online payment platforms and cashless transactions in higher ed, it also catalyzed the broader transformation of the connected campus. PYMNTS looks at the essential features and functions students value in their college apps.
The 10 Ways Generative AI Will Impact Treasury Teams in 2024- The Global Treasurer
As AI capabilities continue to advance – from enhancing decision making to automating routine tasks and monitoring compliance – treasury departments are likely to see transformative changes in how they operate. Here are ten areas to watch.
From Flywire
Flywire Partners with State Bank of India (SBI) to Digitize Education Payments from India
The agreement with India’s largest public sector bank expands Flywire’s presence in the country and enables Indian students and families to easily pay international education-related fees in their local currency to higher ed institutions all over the world.
Flywire CTO David King weighs in on the payment challenges he sees in 2024 for healthcare, higher education, luxury travel and B2B.
Brad Finch, SVP & Country Head, Canada at Flywire, discusses Canada’s new policies governing international undergraduate study and how it could change the landscape of higher education in the country.
Flywire survey: Experiential travel drives strong growth for global travel providers
Global travel providers have a lot of optimism heading into 2024 as consumers continue to seek unique, immersive travel experiences around the world. A new survey of 400+ destination management companies, accommodation providers and tour operators across Australia, Italy, Japan and South Africa looks at the key drivers for growing demand.
Providing care for international patients? 4 steps to patient-centric cross-border payments
Seeking healthcare abroad is already fraught with emotion. Outdated payment processes for that care makes it even more so. Victoria Napoli, head of Cross-Border Healthcare at Flywire, shares four ways providers can make it easier on themselves and their international patients.
What will impact patient collection processes in 2024? Four areas to watch.
Healthcare finance leaders are under dueling pressure to control costs and maximize revenue in 2024. Improving patient collections will impact both directly.
3 focus areas for higher education institutions across the globe in 2024
Addressing student affordability, broadening recruitment strategies and finding new opportunities for operational efficiency will all be big priorities for colleges and universities in 2024. This blog shares some practical steps schools can take.
For higher ed institutions the Student Information System (SIS) is top of the tech stack, but it is missing payments. By partnering with Flywire, SIS provider Tribal Group enables institutions to provide students with a seamless experience across the entire recruitment to graduation lifecycle including billing and payments. At the same time, schools gain valuable operating efficiencies.
Sharon Butler, Flywire’s EVP, Global Education had the opportunity to participate on a panel about student admissions in higher ed at The PIE Live North America conference. She was joined by representatives from the University of Delaware, Webster University, and World Education Services. One of the core topics was how technology is being used to improve the process and the student experience.
Flywire conducted an independent survey of more than 300 CFOs and senior financial leaders in hospitals and health systems in the U.S. to better understand their top priorities. The results detail the connection between patient payments and top-line growth and highlight the opportunity that healthcare finance leaders have to streamline the patient financial experience, influence affordability and elevate patient satisfaction.
Stats of the Month
About 1 in 6 US adults are now Gen Zers – Insider intelligence
Born between 1997 – 2012, Gen Zers are growing up. Adult Gen Zers (ages 18-27) now constitute 17% of the US adult population and their evolving purchase and payment habits will help shape larger consumer trends.
Report of the Month
The Future of Healthcare Payments: Innovation, Inclusion and Interconnected Healthcare – J.P. Morgan
The bank’s healthcare experts weigh in on how healthcare businesses can deliver better care through improved processes, payments, and strategies.
Word of the Month
Monometallic – the use of a single metal, e.g., gold or silver, as the standard against which the value of the currency is calculated in a particular country.
Conversation Starters
CEO confidence rises to its highest level in two years - Axios.com
For the first time in two years, CEOs are optimistic about the economy, according to a new survey by The Conference Board and The Business Council.