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 Nov. 1 to Nov. 16.
Headlines
Toast surpasses $100B in annualized payments - PaymentsDive
The number of locations using the Boston-based company’s payments processing technology and services increased to 74,000 in Q3, up 40% from the year-earlier period.
Pros Push Back on Financial and Reputational Costs of B2B Payments Fraud - PYMNTS.com
Higher ed isn’t immune from the risks of B2B payments fraud. The former CIO and vice president of IT at Georgetown University and current chief information security officer at Drexel University argues that the reputational costs of payments fraud can be far more damaging than the financial.
Revenue Cycle Management is Top Software Investment Priority for Providers - HealthLeadersMedia.com
Half of small and larger healthcare providers surveyed by Bain & Company and KLAS chose revenue cycle as a top five priority for investment over the next year, topping security and privacy, patient intake/flow, clinical systems and telehealth.
Goldman Sachs, Eager to Grow Cards Business, Courted Credit-Card Technology Firms -The Wall Street Journal
The Wall Street Journal reports that Goldman Sachs has expressed interest in buying a payments-technology firm, which those cited in the article said could help the firm compete with bigger banks when bidding on credit-card partnerships.
Elon Musk details his vision for a Twitter payment system - TechCrunch
Elon Musk’s vision for Twitter includes facilitating payments on the social media platform, with users being able to send money to one another, extract funds to authenticated bank accounts and more. But will it work?
Mastercard and JP Morgan Pay-by-Bank Brings Open Banking Tech to ACH Payments - The Fintech Times
JP Morgan and Mastercard are piloting a product that aims to offer customers the ability to automate more of their bill payments from their bank accounts in a more secure way – particularly recurring payments that use ACH.
Amadeus to Launch Wholly Owned Payments Business in 2023 - BusinessTravelNews.com
Amadeus will set up a wholly-owned payments-focused business called Outpayce with plans to offer a prepaid virtual card, and will launch an open API-based platform to help third-party payments and fintech companies connect software in travel companies.
From Flywire
Students in pursuit of real change get a boost from Flywire
Flywire’s annual academic scholarships were selected from 5,000 applicants who are pursuing degrees that advance global health, social justice, global citizenship and environmental sustainability.
Flywire employees reflect on study abroad experiences
International Education Week celebrates international students and promotes the benefits of international education. Through sharing our stories and highlighting our journeys abroad, we can gain a greater understanding of different cultures and increased appreciation for global perspectives.
Flywire sees continued growth amid tailwinds: CEO Mike Massaro on Q3 2022 results - FXCintelligence
Mike Massaro talks about Flywire’s strong quarter, including what’s driving growth, and how Flywire maintains its culture as a publicly-traded company.
Report of the week
Global Payments Report – BCG.com - Boston Consulting Group
In the “The New Growth Game,” BCG draws attention to banks, payments firms and fintechs offering “payments-plus” propositions, the increased demand for electronic payments, particularly globally, and the advantages for payments companies with strong risk and compliance programs, and much more.
Stat of the week
24% of people made their most recent healthcare payment using a digital wallet in Q3 of 2022, making these payments more popular in healthcare than in retail, according to a new survey by PYMNTS and CareCredit.
Conversation starter
More Colleges Offering Admission to Students Who Never Applied - The Wall Street Journal
Direct admissions require students to do little more than register on a website with biographical information and basics such as GPA and areas of academic interest.