Feeds

EU marks Visa's cards for anti-trust probe

Formal proceedings launched

Top 5 reasons to deploy VMware with Tegile

The European Commission is opening formal antitrust proceedings against Visa Europe Limited in connection to how much it charges for cross-border transactions.

Visa International was investigated by the Commission over multilateral interchange fees(MIF) in 2002 and exempted when Visa offered to reduce fees from 1.1 per cent to 0.7 per cent. The fee is paid to the consumer's bank by the merchant's bank. Banks typically pass this transaction charge onto shops and merchants.

This agreement ended 31 December 2007 and the fees are now the responsibility of Visa Europe Limited.

Visa Europe Limited said the announcement was a "standard procedural step".

The company said: "We see no evidence that Visa Europe’s interchange has acted as a tax on consumption or has caused consumers to pay twice. The net result of a substantial reduction in interchange would see a disproportionate shift in the costs of the card payments system from retailers to consumers."

The Commission is also investigating the "Honour-All-Cards-Rule". The statement notes that starting proceedings is not proof of wrongdoing.

The UK's Office of Fair Trading made similar complaints against credit card companies in 2005.

The Commission statement is here.®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.