The Polish Antimonopoly Office (UOKIK) has decided to ban the Multilateral Interchange Fee (MIF) and to impose fines of 160 million Polish zloty (approximately 41 million euros) on the banks participating in the cartel. As a result, merchants should only be paying for the costs of processing the payment transaction to their bank. The interchange fee, paid by the acquiring bank to the issuing bank, represents over 80% of the merchant service charge. “This is excellent news”, says Xavier Durieu, Secretary General of EuroCommerce. “It is an important step towards fair, transparent and competitive pricing in Poland, and a great progress for all other merchants; we trust that this decision will be followed by other competition authorities in Europe”. According to EuroCommerce, the decision by Poland to ban the MIF has to be viewed in the worldwide context of an increasing stand against anti-competitive practices by banks and card schemes.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more