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 Oct. 5-18.
Headlines
SWIFT sets out blueprint for central bank digital currency network - Reuters
Following a trial in France and Germany looking at how central bank digital currency could be used internationally, financial messaging system SWIFT has laid out blueprints for what it could look like in practice.
New Visa Reports Underscore Importance of Cybersecurity Amid Shifting Threats - Visa
In-person, credit-present attacks are trending higher, according to research from Visa and MIT. Threats such as physical skimming on ATM and POS terminals increased 176% from June through November 2021 alone from the previous year. This has merchants prioritizing payment security.
How fintech got banks to come around on open banking- Protocol
Rules around how banks and fintechs share data are finally in the making, with the Consumer Financial Protection Bureau (CFPB) taking actions on a provision aimed at moving open banking introduced in the Dodd-Frank Act more than a decade ago.
Embedded finance: Who will lead the next payments revolution? - McKinsey
McKinsey offers a great primer on embedded finance, including its enablers and opportunities.
FASB decides to measure digital assets at fair value - AccountingToday
The FASB set new requirements that companies should use fair-value accounting to measure bitcoin and crypto assets, allowing them to treat digital assets as financial assets.
How countries should respond to the strong dollar - IMF blog
Should countries actively support their currencies? The IMF lays out its recommendations on policy responses to depreciation pressures, saying that appropriate policy response requires a focus on the drivers of the exchange rate and signs of market disruptions.
What’s Driving and Challenging Global Payments Acceleration - PaymentsJournal
Offering payment method choice, paying mind to real-time payments and removing complexities around cross-border payments are key global payments themes to watch, according to Brian Riley, Director of Credit Advisory Service at Mercator Advisory Group.
Industry spotlight: The US Cities Rebounding the Fastest Are Benefiting From Tourism, Not Business Travel - Bloomberg
In more evidence of leisure travel’s role in the industry’s recovery, cities considered “commercial cities” – focused on convention attendance and business travel – aren’t recovering as fast as leisure travel-heavy spots. They have seen larger declines in revenue per available room since the onset of the pandemic, according to a new draft report from University of Chicago Harris School of Public Policy professor Justin Marlowe and hospitality consulting firm HVS Consultant Tom Hazinski.
From Flywire
Building an effective finance function: From startup to IPO
Finance and treasury leaders lend their advice on the major questions startups and growing companies often have – including when to move to an ERP system and what finance hire to make first – when it comes to scaling the finance team and using technology.
How small community hospitals are making big digital transformations
Through its CommunityWorks program, Oracle Cerner puts its flagship Millennium EHR software into the hands of smaller and often rural hospitals, partnering with Flywire to provide a digital-forward patient engagement and payments platform.
FX 101 for franchisors considering international expansion
For newcomers to the global stage, cross-border payments and foreign exchange (FX) markets can be complex items to navigate. We’ll break down the basics of FX and some of the common questions and concerns about cross-border business payments and FX rates.
Introducing the 2022 winners of Tearsheet’s Power of Payments awards
Flywire earned “Best Cross-Border Payments Offering” in Tearsheet’s inaugural awards, which recognize and celebrate the top products and brands in the payments space.
Report of the week
Capgemini 2022 Payments Report
The consulting firm names its top 10 payments trends in 2022. Next-gen payment methods and solutions for B2B and SMB lead the way.
Stat of the week
$3 trillion - McKinsey’s five-year revenue outlook for the global payments industry by 2026, topping prepandemic expectations, according to “The chessboard rearranged: Rethinking the next moves in global payments.”
Conversation starter
This company wants to improve your credit by gamifying financial literacy - Yahoo
Calling it the “Noom of credit meets personal finance,” Los Angeles-based startup Arro uses gamification with the aim of helping consumers who have a hard time qualifying for a credit card establish credit and become more financially literate.