Global news roundup

April 13, 2022 11:33 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

In global news this week, Mastercard doubling headcount in Dublin; Ebanx in Brazil adds a cross-border option for merchants; NAB filters offensive content from mobile payments; and more.

Here's what's happening around the world.

Bloomberg

Mastercard opens tech hub in Ireland

Mastercard plans to double its headcount in Dublin with the formal launch of a development hub that will focus on payment security and open technology tools. The campus-style hub will additionally oversee research and development for global markets. Mastercard first opened facilities in Dublin in 2008 with 36 staffers and has grown to about 1,000 people. It plans to reach 2,000 in Dublin by 2025. Mastercard began ramping up recruitment in Dublin about two years ago, following a similar expansion in its New York technology facility. —John Adams

Bloomberg

NAB combats abusive messages in mobile transactions

National Australia Bank has added in-app features that automatically cut off messaging with abusive or threatened language in the description and reference fields for digital transactions. The bank, which has been blocking similar transactions on its internet site since 2020, has accumulated about 1,300 words and phrases that are banned in the mobile app. The feature can instantly recognize special characters and other symbols that are often used in place of banned words and phrases, and is designed to allow such words if they match an account holder or business' legal name. —John Adams

Bloomberg

Samsung Pay expands in Switzerland

Cross-border payment firm Finaro and cloud payment technology firm Payrexx have partnered to enable Samsung Pay transactions for merchants in Switzerland. Finaro will act as merchant acquirer, while Payrexx will use its existing merchant network. The companies hope the Samsung Pay hookup will allow local merchants to expand cross-border sales. The Allentown, Pennsylvania-based payment firm Shift4 recently agreed to acquire Finaro to expand international payment capabilities for Shift4's network of 200,000 merchants. —John Adams

Adyen, Kooomo to boost cross-border payments

Amsterdam-based payment processor Adyen will integrate its transaction technology with Dublin-based Kooomo's e-commerce platform to create a new gateway designed to support international transactions. Branded Kooomo Payments, it will allow small businesses to "click on and off" to access local payment methods and currencies in different markets. Businesses will also be able to access digital wallets and buy now/pay later lending through Kooomo Payments. “Through this partnership, Kooomo will be able to provide data insights on digital wallets and cards across markets. Users will also get access to repeat subscription services, which can make a tangible difference to businesses of all sizes,” said Colin Neil, Managing Director of U.K. & Ireland for Adyen, in a release. —John Adams

Ebanx adds international options for Brazilian merchants

Brazil-based payment technology company Ebanx has partnered with London-based digital commerce platform VTEX to expand cross-border payments between Brazilian merchants and other nearby markets. The partnership will allow merchants in Brazil to access more than 100 payment methods in 15 countries in Latin America. Demand for cross-border digital payments in Latin America is growing, argues VTEX, citing an internal survey that estimates the market for cross-border digital payments will pass $45 billion in 2022, while the number of Latin American e-commerce users have expanded from 45% in 2019 to 68% in 2021. —John Adams

ABN Amro apologizes for historical ties to slavery

ABN Amro Bank NV has apologized for its historic involvement in slavery, after a report revealed the rise of some of the bank’s predecessors were closely linked to the slave trade. The Dutch lender said its predecessor, Hope & Co., played a “pivotal role” in the international slave trade of the 18th century and was actively involved in the day-to-day business of plantations. Another predecessor, Mees en Zoonen, brokered insurance for slave ships and shipments of goods harvested by enslaved people. ABN Amro Chief Executive Robert Swaak acknowledged the bank has a “darker side” to its history which goes back more than 300 years. —April Roach, Bloomberg News

Credit Suisse seeks new CEO for U.S. holding company

Credit Suisse Group is looking for a new chief executive officer to run its U.S. holding company as the Swiss bank seeks to build out its business in the country following a series of setbacks. The lender is looking at internal and external candidates and has hired a recruitment firm to help find candidates, people familiar with the matter said, asking not to be identified discussing internal matters. The position was held by Eric Varvel until he announced his departure in December. A spokesperson for Credit Suisse declined to comment on the executive search. —Ambereen Choudhury and Myriam Balezou, Bloomberg News