04 August 2015

Commission drops anti-trust probe into European Payments Council

22 February 2013  |  6487 views  |  0 euro

The European Commission has dropped an anti-trust probe into the activities of the bank-backed standards-setting body the European Payments Council.

The EC opened its investigation in September 2011 following complaints that the EPC was abusing its position to craft rules that would block new, non-bank, players from entering the online payments market.

In a speech in France, EU Competition Commissioner Joaquin Almunia said that the probe was initiated to determine whether the banks co-operated together to limit competition from non-bank players in setting conditions that only banks could fill.

"Meanwhile, the EPC decided to abandon its work in this area," Almunia told the conference. "This decision will allow us to close our investigation because alternative systems, non-bank could then remain in or enter the market."

Instead, the Commission has switched its focus to "look at the barriers to the completion of the internal market for payments by credit card, Internet and mobile telephony".

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

22 November, 2011
03 November, 2011
26 September, 2011
14 July, 2011
05 May, 2011
14 March, 2011

Related company news

 

Top topics

Most viewed Most shared
ING Bank introduces voice-activated mobile...
11435 views comments | 28 tweets | 33 linkedin
Will Uber be the Uber of banking?
9503 views comments | 41 tweets | 33 linkedin
Deutsche Bank backs blockchain potential
7007 views comments | 33 tweets | 18 linkedin
MasterCard to connect Europe to Samsung Pa...
6959 views comments | 20 tweets | 16 linkedin
Payments and capital markets sectors domin...
6844 views comments | 17 tweets | 19 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job