Shift4 acquired Finaro, a cross-border payment and financial services provider specializing in international commerce. Finaro, formerly Credorax, is a fully licensed bank that is expected to help the company expand its global footprint and enhance its vertically focused solutions. The combined entity will be better positioned to compete with world-leading cross-border payments providers, representatives from both companies stated.
Mesh Payments, a corporate payment solutions provider, in partnership with Visa, unveiled the Plug & Pay Visa business card, a hybrid payment card solution designed to protect cardholder data from fraudsters. The companies described the product as a numberless physical card that supports a hot-swappable virtual card. The platform's additional features give cardholders security, flexibility, control and more ways to pay, they noted.
Visa intends to slash interchange rates for small businesses. The news came last week, as merchants were gearing up to run an advertising campaign calling attention to what one group describes as "the broken card market." Reuters reported Visa plans to slash interchange rates for small businesses by 10 percent, effective in April. The news agency said the plan was detailed in a Visa document that a Visa representative had confirmed the authenticity of.
Four of the largest retail payments networks are pulling out of Russia in response to that country's invasion of Ukraine. Mastercard, Visa, American Express and PayPal are suspending operations in Russia. All four said they will continue donating to humanitarian relief funds helping Ukrainians. The pullout follows the decision to boot Russian banks off of SWIFT, an international messaging system that supports bank-to-bank wire transfers.
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