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 fintech and payments headlines from Feb. 21- March 9.
Headlines
How the West unplugged Russia from the world’s financial systems - Wall Street Journal
In efforts to isolate the Russian economy, the Wall Street Journal details how over the past two weeks, the world’s financial systems and largest companies have come together and cut off “every artery of money between the country and the rest of the globe.” This includes Visa and Mastercard’s move to stop processing foreign purchases, Apple and Google’s shut-off of mobile payments, and much more.
Fintech Roundup: More female founders in fintech? Yes, please - TechCrunch
As part of her TechCrunch fintech payments roundup, Mary Ann Azevedo highlights two women leading the increasing number of startups founded by women.
Credit Card Interest Rates Marching Up? - Payments Journal
Prime interest rates remain at historic lows, but expect the bubble to burst in the next few weeks, according to coverage in the Payments Journal. Brian Riley offers a detailed explanation of how rates are set (see St. Louis Fed site) and what to expect.
A Pragmatic Guide to the Future of Crypto - PYMNTS.com
David Evans offers a really well-informed and pragmatic commentary on the future of crypto, including the timeframe over which disruptive innovation could take place. It’s good reading for anyone looking to better understand what role crypto might really play in the future.
Ukraine’s vital tech industry carries on amid Russian invasion - Wall Street Journal
In one of the countless examples of the resilience of the Ukrainian people, the hundreds of thousands of software developers in the country’s vibrant and critical tech industry have continued to ship code, are volunteering for the country’s ad-hoc hacking army, or turning their offices into housing for refugees.
From Flywire
Education: Flywire Partners with AdaptIT to Digitize International Education Payments in South Africa
As South Africa becomes a study destination of choice for international students, Flywire announced the availability of an integration with the Adapt IT ITS Integrator student management system, to streamline and digitize cross-border payments.
Flywire and Tribal Group Partner to Deliver Integrated Payments Solution for Education Market
Tribal Group will extend Flywire’s digital education payments platform into its student information system, enabling a seamless payment experience for students and administrators in Europe, the Middle East and Africa (EMEA) as well as in the Asia Pacific (APAC).
Travel: Understanding the hidden costs of accepting credit card payments from international travelers
We break down the fees your travel business incurs when accepting credit cards from domestic and international travelers, to help you understand what you’re paying and where to save.
Healthcare: Preparing for surprises in the No Surprises Act
We share some insights from healthcare providers on things to consider as you implement the new rules required by the No Surprises Act.
Earnings: Flywire Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Flywire delivered strong results in 2021, with total annual revenue increasing 53% and total annual revenue less ancillary services increasing 58% year-over-year.
Research report of the week
CFPB Estimates $88 Billion in Medical Bills on Credit Reports
The Consumer Finance Bureau looked at the impact of medical billing and debt on credit reports, detailing the complexities faced by patients once bills end up in collections.
Stat of the week
200,000 and 20%: Ukrainian developers in the country in 2020 and percentage of Fortune 500 companies that have their remote development teams in Ukraine.
Source:CNBC: Eastern Europe created its own Silicon Valley. Russian invasion of Ukraine risks it all.
Conversation starter
Dreaming of suitcases in space
A California start-up is piloting a pretty out-of-this-world storage and delivery solution, aiming to build logistics in space with earth-orbiting capsules to deliver goods anywhere in the world. What does that look like? Anything from mobile field hospital supplies that could float in orbit and be dispatched to remote places on demand within hours, or using a shortcut through space to make a delivery from New York to California in 45 minutes.