Last week, today, April 3: News in payments and fintech

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.

Snapshot: Which countries have made the most progress on CBDCs so far in 2023 - Atlantic Council
Some 65 countries are in advanced stages of development when it comes to CBDC exploration, and 20 have launched pilots. Here’s 18 countries that the author says have made significant progress.

U.S. Payments Forum Unveils First-of-its-Kind Comprehensive Resource on Authentication Techniques for Remote and In-App Payments - Global Newswire
New guidance from the U.S. Payments Forum, a cross-industry trade group, aims to help payments professionals better understand the available authentication and verification tools and techniques, and provide best practices to reduce card-not-present fraud.

Click to Cancel: FTC proposes rule to help consumers ditch subscriptions - NBC News
The so-called click to cancel provision aims to provide consumers with options to cancel subscriptions online rather than only by phone or in-person.

ISO 20022 coexistence begins, opening new possibilities for cross-border payments - Swift
Migration to the updated international standard – a common platform language and model for exchanging electronic financial messages – got underway on March 20. SWIFT estimates that 80% of global, high-value payments by volume will be processed through ISO 20022.

How ERP modernizations fare amid cost cutting - CIO Dive
ERP investment is a bit of a mixed bag in 2023, with net new implementations slowed, and companies eying “outcome-based” solutions that drive ERP modernization.

How “Payment Banks” Could Prevent the Next Bank Collapse - Harvard Business Review
In the wake of SVB, the authors – one an HBS professor, the other a VC – make the case for a new kind of bank focused solely on the business of making payments.

From Flywire

Flywire wins 2022 Ellucian Partner of the Year for Integration Excellence
Flywire and Ellucian have enhanced their integrations with a number of Ellucian’s flagship products, including Ellucian Banner, through new middleware that accelerates the integration and implementation process of Flywire's higher education solutions.

Flywire Survey: Finance Professionals Look to ERP Integrations to Streamline B2B Payments
Flywire’s survey found that 89% of the respondents think their businesses could save money if the cross-border receivables process was more tightly integrated with their ERP system. Check out the full report, “ERP systems and cross-border B2B payments: Expectation vs. reality.

3 takeaways from Euro Finance Global Treasury Americas
Conversations with treasury professionals at the global treasury conference revealed a focus on cash flow, cash conversion cycles and contingency planning, Flywire’s Greg Leven writes.

Ellucian Live takeaways: Challenges in higher ed remain big, but so is appetite for innovation
Flywire, an Ellucian partner, was at Ellucian’s annual user conference last week, where higher ed professionals shared strategy and solutions, and revealed their readiness to innovate.

3 stats that show the importance of integrating payments software with the ERP system
The importance of integration with the system of record was a key takeaway in Flywire’s recent survey of 250+ finance professionals. Flywire’s Ryan Frere shares three areas of focus in that regard.

Healthcare cost transparency strategies that align with the evolving No Surprises Act
As there continues to be some starts and stops around the No Surprises Act, Flywire’s John Talaga shares advice on creating price transparency amidst evolving rules and changes.

12 Boston Companies to Watch in Spring 2023 - BuiltIn Boston
Flywire is on BuiltIn Boston’s list, highlighting our recent ESG report.

Stat of the week

$8.2 trillion - estimated global transaction value of digital payments by 2024, up from $4.1 trillion in 2019, quoted in “From Chaos to Consistency: Unlocking the Potential of Digital Payments.”

Report of the week

Business’s ‘It’s not my problem’ IT problem - McKinsey Digital
McKinsey writers give advice on how business and IT can work more closely together to drive business results – including steps on how to connect business strategy with technical implementation.

Word of the week

CFBR - “commenting for better reach,” is now a popular tag in social media posts to bolster engagement and favoritism by algorithms.

Conversation starter

NYC launches online payment plans for unpaid parking tickets -
Payment plans have inched into many corners of commerce – and now, New Yorkers can now take advantage of them to pay unpaid parking tickets.