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 August 11-25.
Headlines
Citi launches travel platform with Booking.com - PhocusWire
In more evidence of banks seeing value in the travel industry, Citi announced it’s partnering with Booking.com to launch a new travel platform.
How the ACH Network is Evolving to Meet the Needs of Businesses and Consumers - Payments Journal
Among the topics discussed with Michael Herd, Senior Vice President of ACH Network Administration at Nacha, and Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service, is the impact of NACHA’s move in March to increase the Same Day ACH payment limit to $1 million.
Travel Now, Pay Later: Consumer Travel is Back And They Are Eying BNPL - PaymentsJournal
Travelers surveyed by Amadeus are particularly bullish on international travel, and open to using new payment methods for trips. Some 84% said they were more likely to use options like Buy Now, Pay Later for trips.
Modernizing Medical Payments: Why Providers Must Enrich the Patient Financial Experience - HIT Consultant
Being charged incorrectly or not being able to understand what they’re being charged for keeps healthcare consumers from returning to providers, according to a recent survey from InsiderIntelligence.
Brazil’s central bank chief predicts end of credit cards -Reuters
Pointing to the rise of Pix, Brazil’s central bank chief Roberto Campos Neto said at a cryptocurrency event that credit cards will cease to exist soon due to the growth of open finance.
CFPB warns of risk from data-hungry payment apps and lenders -
American Banker
A new report from the Consumer Financial Protection Bureau (CFSB) warns that rapidly evolving BNPL services, embedded commerce and "super apps" could put consumers at risk.
Inflation Increasing Consumer, Merchant Use of Digital Payments - PYMNTS
Preference for payment via a biller or bank’s mobile app or wallet increased 3% in the last 6 months, according to an interview with ACI Worldwide, and joint research with PYMNTS found that 94% of executives said digital billing capabilities are essential for growth. Some 89% said having digital payment capabilities is important.
Key Challenges, Strategies for Patient-First Billing - RevCycleIntelligence.com
With patients owing more for the healthcare services, there’s increased attention to self-pay A/R. This article looks at how health systems are implementing patient-first billing strategies to increase self-pay collection and improve patient satisfaction.
Biden to Announce Student Loan Forgiveness Plan - The Wall Street Journal
Plans to announce sweeping student loan forgiveness are imminent, with President Biden planning to take executive action to forgive $10,000 or more in federal student loan debt.
Stat of the week
$10.08 vs. $2.18 - the cost of processing a paper invoice compared to automated, digital invoicing, making automated invoice processing almost 80% less expensive.
- Paper Checks Remain B2B Payments Biggest Digital Blocker
Report of the week
Market Map: Fintech payment startups hold their own in uncertain times - PitchBook
This market map outlines the global fintech VC ecosystem and recent fundraising trends. It segments payment companies into five sub-segments: business products and services payments; cross border and FX; P2P and remittance; payment platforms and POS; and payroll and AP/AR automation.
Conversation starter
Fighting poverty with direct cash payments - MIT News
Since 2009, the nonprofit GiveDirectly has allowed impoverished people to choose for themselves by facilitating digital cash donations that go directly into recipient’s bank accounts.