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.
Here are some of the payments and fintech headlines from June 15-June 28.
PSR sets out the details for its work on card fees - Payment Systems Regulator
The U.K. 's payment regulatory agency, Payment Systems Regulators (PSR), will review certain fees charged by Mastercard and Visa –the two largest card networks in the country – in light of increasing fees, to determine whether markets are working well, the agency announced this week.
Companies Review Hedging Strategies as Strong Dollar Cuts Profit- The Wall Street Journal
Companies are reviewing their hedging strategies in light of the strong U.S. dollar, according to the Wall Street Journal, and taking a more active approach to how currency risk is managed.
SPA warns on ongoing chip shortages throughout 2023 - Smart Payment Association
The Smart Payments Association, an industry trade group, said chip and various supply chain shortages would continue to impact the delivery of payments cards worldwide.
Britain plans to regulate ‘buy now pay later’ (BNPL) lenders - Reuters
In plans to better regulate the sector, companies will have to carry out affordability checks, gain approval of the Financial Conduct Authority and more.
Money 20/20: Bank of America "Innovation is key to our DNA" -FinExtra
Innovation and fintech collaboration go hand-in-hand, Natalie Willems Rosman, Head of EMEA Merchant Services, Bank of America, said at Money 20/20 Europe, as she shared thoughts on how the partnerships enable open banking, what it all means for merchant services and more.
Voice of the CFO: 4 Tools and Tactics for Fighting off Inflation- PYMNTS.com
As part of its series “A Day in the Life of a Digital-First CFO,” PYMNTS.com asks four finance chiefs for their advice and experience on implementing new tools and processes.
EBAday 2022: Aligning compelling digital offerings with new generation and client demands -FinExtra
At EBAday in Vienna, Renata Vilanova Lobo, Head of Global Clearing, Payments, J.P. Morgan, talks about the drivers reshaping payments.
Digital Travel Engagement Rose 14% in April -PYMNTS.com
One-third of all consumers — an estimated 84 million people — used digital tools or activities to aid their travels in April, according to “The ConnectedEconomy™ Monthly Report,” based on a survey of 2,658 U.S. consumers.
Apexx global partners with Ryanair to transform payments as travel levels soar- Altfi.com
In more proof that ease of payments matters to travelers, Ryanair will revamp its legacy payments infrastructure with Apexx. “The entire travel industry has faced huge challenges due to the pandemic, which makes it more important than ever to have a payments process that is as seamless and efficient as possible,” Ryanair group treasurer John Norton said in a press release.
Achieve 269% ROI with Flywire’s Digital Healthcare Payment and Engagement Solution
Flywire commissioned Forrester Consulting to interview six U.S. health systems that leverage Flywire to modernize their patients’ payment experiences. The Total Economic Impact™ analysis uncovers how Flywire helped increase overall collections, accelerates the time-to-payment and reduces bad debt.
Flywire and NMB Bank partner to ease tuition payments for Nepalese students eager to study abroad
A new partnership works to ensure Nepalese students can continue to access international education opportunities and pay in the Nepalese Rupee, while ensuring that universities can easily receive and reconcile that payment in their currency of choice.
Thailand offers lessons in not letting international payments be a roadblock to tourism resurgence
Regulations around financial services and payments are changing in Thailand and moving fast – something that is affecting some incumbent payment providers.
Flywire in the News: Flywire’s Engineering Team: An Inside Look
Flywire’s SVP of Engineering Eric Spear talks with VentureFizz about what it’s like to work at Flywire.
Stat of the week
63% of the 2,375 U.S. adults surveyed by the Kaiser Family Foundation have cut spending on food, clothing and other basics because of health care debt - Sick and struggling to pay, 100 million people in the U.S. live with medical debt
Report of the week
American Express Travel: 2022 Global Travel Trends Report
The global travel market is strong, as 64% of those surveyed by American Express plan to spend more money on international travel than last year.
What is Spatial Finance, and How to Prepare for It
The ability to quantify and analyze the effects of business on nature and vice versa, is becoming a competitive advantage, Esri reports. Enter spatial finance – which uses a combination of technologies to try and gauge sustainability-related risks and opportunities.