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.
SCA has led to fall in online card fraud - Barclaycard - Finextra
Mandates to implement Strong Customer Authentication (SCA) in the U.K. appear to be effective – as nearly ¾ of online retailers have seen online payments fraud decline since March 2022 when they implemented two-factor authentication, according to a study by Barclaycard Payments. One caveat – 28% of businesses are still not fully compliant with the regulation, according to the study.
The challenge of cross-border payments - Raconteur
This infographic provides a visual summary of the key stats around cross-border payments from a U.K. perspective, and why they are a priority for the Bank of England and the G20.
Merchant acquiring at the crossroads: An industry reinvents itself - McKinsey
McKinsey brings together payments executives in Asia from NETs, Spring by Citi and GoTo Financial to talk about transformation in merchant acquiring driven by the proliferation of payment methods, omnichannel buying, international growth strategies and the strength of the SMB ecosystem.
America’s big consumer medical debt problem - Axios
Nearly half of respondents to the Commonwealth Fund Biennial Health Insurance Survey said they wouldn’t be able to pay an unexpected $1,000 medical bill within 30 days. 1 in 10 said they had taken a mortgage against their home or obtained a loan to pay back medical debt.
Latin America sees growing payments activity- FXCintelligence
Fintechs are flourishing in Latin America, serving a high unbanked population and benefiting from increasing digitalization and growing adoption of mobile banking, according to FXCintelligence.
Cross Border Real-time Payments Ubiquity Remains a Work in Progress, Says Bank of America - PYMNTS.com
Real-time payments have the potential to change cross-border payments, Melissa Tuozzolo, head of international payments in Global Transaction Services at Bank of America, told PYMNTS, and also that there’s room for a broad range of payment options to coexist.
Business software aims for the NetSuite spot- ComputerWeekly
New products discussed at the annual NetSuite user conference included the release of AP automation functionality, embedded functionality to pay bills directly from the ERP system through HSBC services through ACH, check or virtual credit card.
Unexpected Revival in Group Travel Boosts Hotel Owners - The Wall Street Journal
Business and group travel is back – with bookings for groups increasing at hotels, and companies also returning to incentive trips for top-performing employees – outpacing bookings for individual business travel. Locations such as Nashville, Dallas and Austin lead the way in bookings.
From Flywire
Education agents turn to technology as demand for services soars
An ICEF survey of hundreds of education agents worldwide found that while big advances in areas such as digital marketing were made over the past two years, much of the day-to-day business operations haven’t been digitized or automated.
Six payment security and compliance considerations for higher ed institutions
When choosing a payment provider, it’s critical to ask informed questions to ensure that your institution and students are protected from all angles – data privacy, data breaches, and compliance – while also providing the best possible payment experience.
Payment security resources for complex industries
In this resource hub, find webinars and content focused on the unique security requirements for your industry.
The Flywire Charitable Foundation Awards Eight New Scholarships to International Students
As part of The Flywire Charitable Foundation’s third annual scholarship program, students from all over the world were recognized for their outstanding contributions to the academic disciplines of social justice, global health, global citizenship and environmental sustainability.
Largest fintech companies in Massachusetts - Boston Business Journal
Flywire ranks in the top 10 largest fintechs in the state, coming in at No. 7.
Report of the week
Nacha Announces New Risk Management Framework for the Era of Credit-Push Fraud - Nacha
Nacha released a report on its latest Risk Management Framework, which provides a new strategy for industry participants in both the ACH Network as well as other payments systems to address new and persistent frauds that make use of credit-push payments. Common fraud includes vendor impersonation, business email compromise and payroll impersonation.
Stat of the week
53% - the percentage of the 9,904 consumers surveyed by PYMNTS and PayPal that said a financial institution is their pick for “most-trusted” to provide a super app.
Conversation starter
Morgan Stanley State of the Workplace Financial Benefits Study
84% of employees want their employers to be more involved with helping them through specific financial challenges, but nearly as many HR leaders say they are currently unable to assist, according to the Morgan Stanley at Work Employees Survey and HR Leaders Survey. The firm surveyed 1,000 U.S. employed adults and 600 HR leaders for companies.