Last week, today, Sept. 21: 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.

Here are some of the payments and fintech headlines from September 9-21.

Walmart, Target Urge Lawmakers to Pass Bill Taking Aim at Visa, Mastercard Fees - The Wall Street Journal
Powerhouse merchants like Walmart and Target are among 1,600 urging U.S. lawmakers to pass a bill that would give merchants the right to route many credit-card payments over networks other than Visa and Mastercard, something they say would lead to competition and fee reductions.

Microsoft to stop accepting checks from partners - The Register
In evidence that checks’ stronghold on B2B payments is waning, The Register reports that Microsoft removed the check payment option from new ecommerce invoices for partners in the U.S. and Canada, who can now pay only by wire transfer and ACH.

Study: Medical debt threatens people’s health, housing -Axios
A study published in JAMA Open Network links medical debt and higher risks of eviction, food insecurity and bad health outcomes, regardless of insurance or income.

Higher Institutional Expenses Lead to $370B Decline in US Bank Deposits - World Finance News
Deposits at U.S. banks are down $370 billion in the second quarter for the first time since 2018, and the banking industry also reported a drop in quarterly net income from one year ago.

The Feds want dollars to move much faster- Axios
Reports from the White House show moves on exploring a Central Bank Digital Currency (CBDC), as well as attention focused on security of cross-border transactions and real-time payments.

Why Embedded Finance Has the Potential to Reshape B2B Payments -
Consulting firm Bain & Company estimated this week that embedded finance — where financial services become part of the very fabric of companies’ consumer- and enterprise-facing offerings across all manner of verticals — could be worth $7 trillion by 2026.

From Flywire

Passport Spotlight: Students in Mexico have big plans for international study
Students from Mexico are eager for in-person international education and optimistic about the student visa approval process, with Mexican women’s interest in studying abroad outpacing that of men. Those are some of the key findings from continuing Flywire research on the preferences of international students.

Passport Spotlight: Peru is an emerging source of international students
In more key findings from continuing research on the study preferences of international students, Peruvian students, seeking new cultural experiences and academic prestige, are eager to study abroad, and are as interested in hybrid learning experiences as they are in studying fully in-person. In more key findings from continuing research on the study preferences of international students.

Can the EHR system do everything? 3 stats to consider in revenue cycle management strategy
We had this question in mind as we looked at some of the results of a study we commissioned with Forrester Research. In our Total Economic Impact report, completed earlier this year, we wanted to see how customers benefited from using our software. But it also gave us some insight on how the EHR system can be optimized.

Flywire Partners with Universitas XXI to Deliver Integrated Payment Solution to Higher Education Institutions in Spain and Latin America
An integrated offering with Universitas XXI provides students a streamlined payment experience, from initial application through tuition payment.

Report of the week

Verizon’s 2022 Payment Security Report
43.4% of organizations maintain full PCI DSS compliance, which grew from 27.9% in 2019, according to Verizon’s 2022 Payment Security Report. The annual report includes guidance as organizations prepare to implement PCI DSS v4.0.

Stat of the week

54% - U.S. employers surveyed by Willis Towers Watson (WTW) who said they expect their healthcare costs to be above their budget for 2022.

Conversation starter

CFOs’ Right-Hand Executives Earn Bigger Paychecks as Companies Compete for Talent
Treasurers, heads of accounting, controllers and vice presidents of finance, in high demand, are bringing in larger paychecks, The Wall Street Journal reports. Total median compensation for treasurers, according to data from Mercer, increased 6% to $441,230.