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.
Here are some of the fintech and payments headlines from February 2024.
Headlines:
Why hasn’t the US fully embraced the digital dollar?– TearSheet
While other large countries explore the potential of a Central Bank Digital Currency (CBDC), the U.S. does not appear to be in any rush. TearSheet spoke with Lisa Pollina, Board Member, Atlantic Council of the US to better understand why.
2024 fraud trends to watch - GlobalData
Nina Kerkez of LexisNexis Risk Solutions in the UK explains why Payment Systems Regulator rules, Digital Trust, Synthetic Fraud and Big Tech should be on every payment security practitioner’s watch list in 2024.
U.S. FIs cooling on Open Banking but still on course for real-time payments – PYMNTS.com
Despite the potential of open banking to streamline transactions and pave the way for real-time payments, financial institutions in the U.S. are reluctant to embrace it due in part to fears of fraud, especially as the speed of payment transfers increases.
Brazil’s Central Bank promotes Pix as cross-border payment solution – PYMNTS.com
Pix has quickly become a household name in Brazil, with over 160 million users. Its success has attracted interest from authorities in Latin America, Europe and Africa. Now, Brazil’s central bank is exploring agreements to connect Pix with platforms worldwide, per the report.
Latin America’s payments landscape is ‘ripe for innovation’ – PaymentsJournal
According to a new report from Javelin Strategy & Research, Latin America’s financial landscape has all the ingredients for payments innovation: diverse populations, a large contingent of unbanked or underbanked consumers, and a need for efficient money movement across regional borders. The lack of a concrete set of banking habits also helps.
The U.S. is short 340,000 accountants—just look at the wave of earnings report mistakes – Fortune
Last year more than 720 companies, from Advance Auto Parts Inc. to online legal services provider LegalZoom.com Inc., cited insufficient staff in accounting and other areas as a reason for potential errors – up 30% from 2019, according to an analysis by equity research firm Hudson Labs for Bloomberg News.
From Flywire:
Three takeaways from HealthLeaders Revenue Cycle Exchange
Flywire executives had the opportunity to attend the event in early February. Conversations focused on how to run more efficient revenue cycles by improving the patient financial experience, increasing cost transparency and reducing operating expenses. Three particular themes stood out to our team.
Attendees at a recent Flywire webinar “Embracing Change: How to streamline your collections to better serve students,” heard how two New York universities are balancing the need to support students with the need to collect past-due payments.
5 patient collection metrics that healthcare systems are moving with a revenue cycle revamp
Flywire’s Healthcare team shared concrete examples of cost reductions and operational efficiencies being gained by providers as a result of modernizing their Revenue Cycle Management processes.
Why easier payments are key to international franchising success
The most successful US franchise businesses are growing faster internationally than domestically in recent years. Among the critical success factors for success is planning how license and royalty payments will be collected, says International franchising expert Edwards Global Services (EGS).
Flywire Partners with State Bank of India (SBI) to Digitize Education Payments from India
The partnership provides students and families with a streamlined and completely digital experience when making high-value international education payments, and simplifies compliance with India’s Liberalized Remittance Scheme..
Cosmin Pitigoi Joins Flywire as Chief Financial Officer
The former PayPal senior finance executive brings decades of experience and leadership across global payments, pricing, treasury, finance and investor relations. Flywire’s current CFO Mike Ellis will remain as a senior advisor to support a smooth transition.
Stat of the Month:
Check and cash payments have fallen from 50% of B2B transaction value in 2019 to just 32.1% in 2024 – Insider Intelligence
Report of the Month:
International Students in Admissions – The Chronicle of Higher Education
International students are no longer just affluent scholars from the global north. The Chronicle surveyed 230 enrollment managers and international admissions officers to learn how they’re adapting to evolving global markets.
US B2B Payments Forecast 2024 - Insider Intelligence
B2B payments represent the largest addressable payments market in the US and small and medium-sized businesses (SMBs) have the most to gain from digital adoption.
Word of the Month:
Virtual account management – a single account serving dozens (or more) accounts with virtual subledgers. This allows treasurers to free cash by instantly moving it around these subledgers in a way that would not be possible with multiple accounts.
Conversation Starter:
The great work from home debate isn’t great… or a debate – FinTech Futures
An agnostic look at an issue that won’t quite seem to go away.