Feeds

Banks face e-payments antitrust probe

Complaint filed to Euro watchdog

High performance access to file storage

The European Commission has launched an antitrust probe into e-payments in Europe to find out if a group of banks – including Santander, HSBC and Barclays – is trying to stop new players from getting into the market.

A group called the European Payments Council (EPC) is developing a standardisation for e-payments across the Single Euro Payments Area (SEPA), but the commission is now investigating whether that process will stop non-bank payment providers from getting in on the action.

The inquiry was opened after the EC received a complaint from someone, but they're not saying who:

The Commission intends to investigate whether the e-payments standardisation process will not unduly restrict competition, for example through the exclusion of new entrants and payment providers who are not linked to a bank.

The Commission has received a complaint which will form part of this investigation.

The top concern for the investigation is that merchants and consumers could end up forking out more on online transactions if competitors are kept out of the game.

"Use of the internet is increasing rapidly, making the need for secure and efficient online payment solutions in the whole Single Euro Payments Area all the more pressing. I therefore welcome the work of the European Payments Council to develop standards in this area," said Jose Almunia, EU Competition Commissioner, in the canned statement.

"In principle, standards promote inter-operability and competition, but we need to ensure that the standardisation process does not unnecessarily restrict opportunities for non-participants."

The EPC is the "coordination and decision-making body of the European banking industry in relation to payments", according to its website, and its members are banks and banking groups. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Nokia offers 'voluntary retirement' to 6,000+ Indian employees
India's 'predictability and stability' cited as mobe-maker's tax payment deadline nears
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.