22 July 2018
Visit www.avoka.com

Visa Europe says close to EC deal on interchange fees

20 January 2009  |  9068 views  |  0 EU flag

Visa Europe's CEO Peter Ayliffe says he expects to reach an agreement with the European Commission (EC) over interchange fees charged for cross-border card transactions by the end of the year.

Last March the EC launched a probe into whether the interchange fees charged by Visa Europe "forbid restrictive business practices such as price fixing".

The investigation's launch followed the expiry of a 2002 antitrust agreement between the card company and the EU's Competition Commission when Visa agreed to reduce levels of interchange fees for processing card transactions in return for immunity from legal action.

It also came on the heels of an EC ruling against Visa's rival MasterCard at the end of 2007 that concluded multilateral interchange fees charged for cross-border transactions "violate EC Treaty rules on restrictive business practices".

In June 2008 MasterCard suspended its interchange fess to avoid daily penalty payments of 3.5% of its daily global turnover in the preceding business year. However, MasterCard is still appealing the decision to the European Court of First Instance.

Now, following months of discussions, Visa Europe chief Ayliffe has told Reuters reporters that dialogue with EC Competition Commissioner, Neelie Kroes has been "very constructive" and he expects a deal "as soon as possible" this year.

The confusion over interchange fees has also had wider consequences, hampering the implementation of the single euro payments area (Sepa).

In September the EC was forced to soften its stance on cross-border interchange fees in a bid to kick-start the Sepa direct debit payments system, highlighting serious concerns about the delayed initiative.

Visa Europe expects deal with EU on card fees soon - Reuters

KeywordsLEGALSEPA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

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

Related stories

Visa and MasterCard settle Discover lawsuit

Visa and MasterCard settle Discover lawsuit

14 October 2008  |  10243 views  |  0 comments
EC moves to kick start Sepa direct debit scheme

EC moves to kick start Sepa direct debit scheme

04 September 2008  |  12899 views  |  0 comments
MasterCard Europe suspends cross-border interchange fees

MasterCard Europe suspends cross-border interchange fees

13 June 2008  |  14179 views  |  0 comments
Discover seeks $6bn from MasterCard and Visa in antitrust case

Discover seeks $6bn from MasterCard and Visa in antitrust case

10 June 2008  |  7759 views  |  0 comments
New Senate bill launched to rein in interchange fees

New Senate bill launched to rein in interchange fees

06 June 2008  |  12805 views  |  0 comments
US interchange battle heats up

US interchange battle heats up

16 May 2008  |  8079 views  |  0 comments
French and German banks mulling rival to Visa and MasterCard - reports

French and German banks mulling rival to Visa and MasterCard - reports

16 April 2008  |  10104 views  |  0 comments
EC launches probe into Visa Europe interchange fees

EC launches probe into Visa Europe interchange fees

26 March 2008  |  12257 views  |  0 comments
MasterCard claims court ruling 'reaffirms legality of interchange'

MasterCard claims court ruling 'reaffirms legality of interchange'

14 March 2008  |  8452 views  |  0 comments
New legislation to allow US merchants to negotiate interchange fees

New legislation to allow US merchants to negotiate interchange fees

07 March 2008  |  9120 views  |  0 comments
MasterCard appeals EC interchange ruling

MasterCard appeals EC interchange ruling

03 March 2008  |  9404 views  |  0 comments
MasterCard appeals to consumers over interchange ruling

MasterCard appeals to consumers over interchange ruling

20 December 2007  |  12283 views  |  0 comments
EC orders MasterCard to drop interchange fee structure

EC orders MasterCard to drop interchange fee structure

19 December 2007  |  14685 views  |  0 comments
Delay in MasterCard ruling threatens Sepa launch

Delay in MasterCard ruling threatens Sepa launch

16 November 2007  |  13350 views  |  0 comments
Visa to pay $2.25bn to settle American Express lawsuit

Visa to pay $2.25bn to settle American Express lawsuit

08 November 2007  |  9750 views  |  0 comments
EU competition commission eyes Visa interchange fees

EU competition commission eyes Visa interchange fees

20 February 2007  |  12615 views  |  0 comments
EU meddling in interchange threatens to derail Sepa project warns MasterCard

EU meddling in interchange threatens to derail Sepa project warns MasterCard

01 February 2007  |  12605 views  |  0 comments
Visa to get EU clearance on fees - Dow-Jones

Visa to get EU clearance on fees - Dow-Jones

19 July 2002  |  8115 views  |  0 comments
European Commission objects to Visa fees

European Commission objects to Visa fees

17 October 2000  |  4556 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit info.nice.comVisit https://secure.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13573 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11246 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10114 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7451 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7267 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job