EU Competition Commissioner Neelie Kroes has announced that her staff would take a close look at some of Visa’s business practices next year, when Visa’s antitrust exemption expires. The European Commission investigated Visa regarding interchange fees (paid by merchant banks to card-issuing banks for over-the-counter payments) and came to an agreement in 2002. The agreement, which has since given Visa an exemption from EU antitrust action, runs out in December. Kroes remarked, “I will say that when our exemption decision on Visa expires at the end of this year, we will look again at the effect of their interchange fees on competition”. Others in the Commission have made clear its intent to scrutinise Visa, and Kroes’ remarks underscore that she backs a new investigation. Kroes has conducted an across-the-board review of the financial industry, focusing on payment cards. The Commission is already looking into MasterCard’s setting of interchange fees, which it said may break competition law, conducting a closed hearing last year.
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