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.
Headlines
Highlights from Money 20/20 Europe - FXC Intelligence
Strong partnerships, the importance of good governance and risk aversion, and a cautious approach to AI were some of the big themes at Money 20/20 Europe earlier in June, according to Daniel Webber of FXC Intelligence.
Medical Billing and Collections Among Older Americans - Consumer Financial Protection Bureau
A recent CFPB study looked at the unique challenges current healthcare billing processes may present for people over 65.
47% of SMBs Say Lack of AR Transparency Hinders Operations - PYMNTS
Pain points in B2B receivables include lack of transparency, the length of the invoice process, a lack of integration with other systems and the length of time before receipt of payment, according to a survey by PYMNTS and Plastiq.
New Forecast for Travel to U.S.: ‘Significantly Upgraded’ - Skift
The U.S. Travel Association unveiled its biannual travel forecast and the outlook for inbound international travel is very strong. Inbound international spending is up 33.7% from a year ago and expected to reach $133B in 2023.
A digital payments revolution in India - The Economist
The Unified Payments Interface (UPI) Indian payment model – which Prime Minister Narendra Modi has said accounts for 40% of the world’s real-time digital payment transactions – is drawing the world’s attention, and inspiring models in other countries.
TechnoVision 2023: Financial Services - Capgemini
This is Capgemini’s fifth annual playbook, exploring the macro business/technology challenges and opportunities for the financial services industry.
Higher Education Institutions are Turning to Financial Automation - Tech Times
Higher ed institutions are increasingly leaning more heavily on automation to modernize cumbersome financial operations and provide more security against cyber risks.
From Flywire
Less punitive, more partnership: New approaches to collecting past-due tuition are working for these higher ed institutions
Forward-thinking universities are changing how they collect past-due tuition payments – a shift in process and mindset that puts them ahead as options for collecting debt narrow.
Why slow travel is a rising star in the travel industry – and may prove the most resilient
How does a travel business increase revenue by 20% year-over-year with fewer travelers? Just be a pioneer and an innovator like Fresh Tracks Canada is in providing the types of travel experiences people can’t get enough of right now – slow travel.
Tips for successful revenue cycle management technology implementations: Sunrita Dasgupta
Flywire’s director of healthcare implementation Sunrita Dasgupta shared some of the secrets of successful revenue cycle management technology implementations – which can make or break enterprise technology projects.
Partner spotlight: Simplifying student accommodation payments with StarRez
StarRez is the leading provider of student experience and accommodation management software – and Flywire partner.
By connecting patients to medical financial aid, Atlas Health helps solve the healthcare affordability crisis
In a shared mission to advance affordability in healthcare payments, Atlas Health is partnering with Flywire to extend capabilities to its extensive client base.
New solutions introduced to help travel agencies collect commissions - Travel Weekly
Flywire’s Colin Smyth weighs in on work to support commission payments for travel agents and advisors in Travel Weekly.
Bay State Business: Flywire CEO, Mike Massaro - Bloomberg
Janet Wu talked to Mike Massaro about Flywire’s growth and some of the emerging trends in payments, including a closer look at what’s driving payment innovation in the travel segment.
Stat of the week
$1.5 trillion - projected revenues for the fintech sector by 2030, according to the Global Fintech 2023: Reimagining the Future of Finance report from Boston Consulting Group and QED Investors.
Report of the week
2023 AFP Payments Fraud and Control Survey Report
The 15th annual report underwritten by J.P. Morgan shows that checks are the payment method most vulnerable to fraud - something that has remained the same for 15 years – but ¾ organizations that use them plan to keep doing so.
Word of the week
Regenerative tourism- focusing on the supply side of tourism, it’s a term used to describe travel plans aimed at leaving places better than travelers met them. It involves repairing and replenishing relationships with the places we travel, according to Regenerative Travel is a community of independently-owned boutique hotels dedicated to creating positive social and environmental impact.
Conversation starter
Salt Lake City Ups the Ante in Bid to Become a Fintech Hub - The Wall Street Journal
A few major efforts are underway to make Salt Lake City a fintech hub, from zoning changes to a newly opened fintech-education center at the University of Utah.