Last week, today, July 31: 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.


Everything you need to know about long-awaited FedNow launch - Insider Intelligence
The Federal Reserve debuted its new system for instant payment on July 20. The interbank system could take several years to catch on, but holds great promise, according to coverage.

For Elon Musk, X equals everything - The Verge
Musk’s evolving Twitter can now function as a payment provider in Arizona, New Hampshire, Missouri and Michigan, having gained relevant licenses in these states as it pursues many more in its quest to super app-dom.

Next Moves for Businesses in the Payments Landscape - FinExtra
Martijn Stoker, EMEA Head of Liquidity & Account Solutions at JPMorgan Payments, talks about the biggest items on client’s agendas. This includes: the macroeconomic environment and its effect on liquidity, how technology is changing the payments industry and how to change business models.

Central bank interest in CBDCs shows no sign of waning - FinExtra
Central banks’ interest in digital currencies (CBDCs) continues to grow with many conducting concrete experiments and pilots, according to research from the Bank of International Settlements. Retail use cases are more advanced than commercial at the moment.

Treasury Management in Spotlight as CFO Roles Evolve Alongside Business Strategies -
CFOs and treasury operations are increasingly tasked with pulling the right levers to enable business success. talks to CFOs about the relationship, and what strategies are working.

Can Open Banking really reshape and rejuvenate financial use cases? - TearSheet
In a move that advances open banking in the U.S., the CFPB said it will propose an open-banking rule soon and aim to finalize it in 2024. Open Banking has the potential to streamline everyday financial use cases such as account opening, lending and personal finance management – without compromising consumer privacy or security.

B2B: Why the pain? -
Breaking down what it calls the financial supply chain, Glenbrook Payments points to ways to bring more efficiency to B2B payments processes.

From Flywire

Flywire partners with Tencent Financial Technology to Streamline Global Tuition
Students can now access Weixin Pay (also known as WeChat Pay) as a payment method in Flywire to make international tuition and education-related payments.

Payment Security Conference 2023 Takeaways: PCI DSS v 4.0 is just around the corner, insights and tips for success for higher ed institutions
At our Payment Security Conference, experts shared insights and practical tips to advancing payment security and achieving PCI compliance in pursuit of PCI v. 4.

Tips for successful revenue cycle management technology implementations: Joy Lawless
Flywire’s Joy Lawless has worked on numerous implementations of healthcare software for some of the largest hospital systems in the country. Read her tips for what makes for a seamless Flywire implementation, that also apply to other healthcare technology projects.

3 takeaways from Flywire’s Boston Globe Health Equity Week Panel
Roughly 30 health leaders – some who were physicians and nurses, who represented their own companies and others who hold senior positions in patient access and revenue cycle – gathered together to ask important and tough questions, and share advice.

How payment plans, automation are helping Tennessee State meet the needs of its largest class ever
Bucking the trend of declining enrollment that many colleges and universities in the U.S. are facing, the Nashville-based public institution and HBCU welcomed its largest and most diverse freshman class ever this past Fall. Including students from 20 different countries, the urgency to support many different payment needs as the new academic year started was real.

Case study: Osaka Metropolitan University simplifies education payments, lightening the student load and streamlining administrative
With Flywire, the university has simplified the international payment process and eliminated a huge burden for both its students and the University’s finance team.

Case study: Full automation, huge cost savings: Flywire supports successful season for luxury ski condominium Aya Niseko
A seamless integration with Roomboss and ease of chargebacks were two of the reasons Aya Niseko chose Flywire.

Case study: Easing international student payments translates to big savings and efficiencies at Kyoshin Language Academy
Looking to offer more localized payment methods and options for its students, and ease its international receivables processes, KLA went live with Flywire in 2017 – not long after Flywire opened its office in Tokyo.

Stat of the week

$1.2 trillion. The value of Same Day ACH payments in the first half of 2023, up 51.7% from a year ago.

Report of the week

American Express Travel 2023 Global Travel Trends Report

A full 75% of travelers surveyed say they’ll decrease screen time while traveling to better their mental health – with wellness a focal point in trip planning.

Word of the week

Instant payments - As facilitated by the FedNow Service, payments that clear and settle instantly, 24/7 a day, 365 days a year, with funds immediately available to the receiver. For example, a worker could have instant access to the money in their paycheck or the ability to pay a bill on the due date and avoid fees.

Conversation starter

Businesses Aim to Harness Generative AI to Shake Up Accounting, Finance - The Wall Street Journal

CFOs are balancing data privacy and reliability concerns over generative AI with its ability to generate efficiencies, and are using it to predict questions analysts may ask on earnings calls or answer employee questions, according to The Wall Street Journal.