Our regular news roundup collects headlines in payments and fintech to watch, giving leaders across industries (and fintech enthusiasts) a quick glance at some of the news in the space. In Flywire’s 12+ years 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 is – not just across the industries we focus on, but every industry.
Here are some of the fintech and payments headlines from October, 2024.
Headlines:
Global payments 2024: The hidden complexity of simpler payments – bobsguide.com
A 2024 McKinsey report shows that while users enjoy faster interfaces, providers face growing challenges from fragmented systems, regulations, and fintech competition. For executives, navigating these trends is key to staying competitive.
Hospital margins may see modest improvement in 2025: Moody's – Modern Healthcare Labor costs are stabilizing for many hospitals and health systems across the country, although ongoing staff shortages and wage inflation are expected to keep causing friction in 2025. (Subscription required)
Making Sense of Why SOC 2 Compliance Matters for Payments – PYMNTS.com
SOC 2 is a comprehensive framework that enables organizations to evaluate and certify their internal controls on data security, availability, processing integrity, confidentiality and privacy. But, It is not a one-size fits all proposition. Payment processors and other ecosystem stakeholders need to tailor it to their business needs to make it work for them.
Tech Sector Cash Flows Hampered by Keeping Treasurers in the Dark – PYMNTS.com
“The Impact of Misunderstood Treasurers in Technology,” a PYMNTS Intelligence and Citi collaboration, examines the challenges technology industry treasurers face, including poor interdepartmental collaboration and the lowest cash flow predictability across sectors.
Open banking rule unlikely to spur payment innovation – American Banker
The Consumer Financial Protection Bureau recently finalized its ruling on open banking or what many refer to as Pay-by-Bank. While proponents believe the ruling will help drive innovation, many critics believe it missed the mark. (Subscription required)
Oracle to launch new EHR system - Becker’s Health IT
The new AI-powered system will come with cloud and AI features that make it simpler to use and set up. The system has no menus or drop-down screens — clinicians can find the information they need just by speaking. The idea is to reduce the time clinicians spend looking through records and free them up to focus more on patient care.
Accountants View AI as an Ally, not a Competitor – PaymentsJournal
AI has had a dramatic effect across industries, including accounting, but many wonder whether it will replace those working in the profession. In a recent podcast, execs from Intuit and Javelin Strategy & Research explored findings from a recent Intuit QuickBooks Accountant Technology Survey and their implications for the accounting sector.
From digital dread to digital daring – The CFO
Despite the promise of efficiency and innovation, nearly 40% of CFOs surveyed by American Express remain hesitant about fully embracing digital transformation. This reluctance reveals a paradox: while 31% of CFOs are worried about geopolitical and economic risk planning, 39% view internal challenges like digital transformation as a greater concern.
Flywire News:
Flywire’s latest report examines the topic of healthcare affordability and accessibility among patients in the U.S. The findings highlight a significant disconnect between patient expectations and current billing practices, and uncover opportunities for providers to improve the patient payment experience and increase collections.
Key takeaways from ITC Vegas 2024: Preparing for change in the insurance industry
InsureTech Connect (ITC), the world's largest insurance innovation event, brought together the brightest minds and leaders in the insurance industry. It was a high energy affair with a lot of focus on AI, strategic partnerships and the impact of technology on customer experience.
Luxury DMC, Made for Spain & Portugal partnered with Flywire to offer optionality, transparency, and security, to give an exceptional payment experience to clients via their travel agent intermediaries.
Partner spotlight: Unifying the student experience with Ellucian and Flywire
2,900 higher education institutions across the globe rely on Ellucian for everything from managing business workflows to improving the student experience. To do so, Ellucian and Flywire have worked together to build and standardize multiple, robust integration points to seamlessly connect Ellucian Banner and Colleague to the Flywire payment and/or Student Financial Software (SFS) solutions.
Report of the Month:
Global payments in 2024: Simpler interfaces, complex reality - McKinsey
This year’s report examines the evolving global payments ecosystem and highlights where players can capitalize on new dynamics. McKinsey’s analysis is based primarily on its Global Payments Map, which covers more than 25 payment products in 48 countries and accounts for more than 90 percent of global GDP.
Stat of the Month:
The expected growth rate of real-time payments in the US from 2023 - 2028 (according to GlobalData and ACI Worldwide). Early use cases include peer-to-peer (P2P) transactions and disbursements.
Term of the Month:
From McKinsey: Payments becoming increasingly disconnected from accounts and other fixed repositories of value; giving users greater voice and flexibility as they seek convenience, affordability, and security.
Conversation Starter:
The ripple effect of uncertainty in the workplace
In October, as businesses around the world marked World Mental Health Day, new research shed light on the growing toll of uncertainty on employee wellbeing. For financial services, where unpredictability is often part of the job, the pressure is mounting for leaders to rethink how they support mental health while maintaining performance.