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Weekly News In Brief: July 29, 2016
29th Jul 2016 | Written by:
Three Australian banks ask competition authorities to support their negotiations with Apple Pay; MasterCard reveals PayPal link-up; UK High Court refers questions on interchange fee regulation to...
Weekly News In Brief: July 22, 2016
22nd Jul 2016 | Written by:
PayPal and Visa agree partnership in the United States; the UK's FCA wants to retain passporting rights after Brexit; U.S. officials claim Bitcoin tracking is cutting crime; card fraud is still...
MasterCard Loses £69m Interchange Fee Battle
15th Jul 2016 | Written by:
MasterCard must pay UK supermarket giant Sainsbury’s £68.6m in damages after judges ruled the card scheme inflated transaction fees and unfairly restricted competition.
‘Milestone’ For Industry As Bank Of England Begins Access Overhaul
4th Jul 2016 | Written by:
Regulators and legal experts have cheered the Bank of England’s decision to provide settlement accounts to non-bank payment firms, saying it could offer a lifeline to businesses previously shut out...
Court Overturns $7.25bn Visa, MasterCard Settlement
4th Jul 2016 | Written by:
A billion-dollar legal dispute over swipe fees in the U.S. has reopened following a court’s decision to void a $7.25bn settlement between Visa, MasterCard, issuing banks and millions of merchants.
Prepaid Card Giants Questioned Over Customer Failure
30th Jun 2016 | Written by:
Senators have demanded answers from three of the U.S.’ biggest household names after thousands of people were left unable to access funds held on MasterCard prepaid cards.
Durbin Amendment Critics Bolster Alliance
28th Jun 2016 | Written by:
State bankers associations have joined a growing effort to undermine U.S. interchange fee regulation as they pledge to support a lawmaker seeking to repeal legislation capping fees for merchants.
Japanese Regulator Rebukes Stifling Fintech Rules
23rd Jun 2016 | Written by:
Japan’s outmoded legal framework is stifling financial innovation while leaving consumers ill-protected as technology companies expand into unregulated areas, according to the country’s Financial...
Durbin Vows To Defend U.S. Interchange Fee Caps
20th Jun 2016 | Written by:
Senator Dick Durbin has promised to defend rules capping U.S. interchange fees as a rival lawmaker introduces a bill to repeal the controversial legislation on card payments.
Weekly News In Brief: June 17, 2016
17th Jun 2016 | Written by:
The Durbin amendment faces repeal in the United States; Home Depot brings antitrust suit against Visa and MasterCard; Pakistan sets the deadline for EMV switchover; Malaysia pushes change to chip...
Durbin Demands MasterCard Answers Over 'Troubling' Fees
14th Jun 2016 | Written by:
A charge MasterCard levies on card issuers when purchases are processed by a competing network raise “troubling questions” and are a “burden”, a senior U.S. senator has argued.
IFR Dispute Continues As Business Rules Take Effect
9th Jun 2016 | Written by:
Europe's divided payments industry must comply with a slew of business rules around interchange fees from today despite continuing controversy over the effect of recent legal reforms.
U.S. Federal Authorities Called In Over Debit Rules
6th Jun 2016 | Written by:
U.S. merchants “frustrated” at a lack of choice around networks for handling debit transactions have asked regulators to investigate whether card issuers are breaking the rules.
Fraud ‘Not A Priority’ For UK Law Enforcement, Warns Nationwide
18th May 2016 | Written by:
UK officials have been accused of leaving the banks to deal with payments fraud while authorities focus on other aspects of financial crime, according to a leading building society.
Card Schemes’ Loss Is Third Parties’ Gain, Report Predicts
17th May 2016 | Written by:
EU payments laws will hit card schemes hardest, new research has predicted, by allowing a host of third-party providers to challenge their market dominance while substantially reducing their...
Interchange And PSD2 Threaten Weighty Market Shocks
9th May 2016 | Written by:
Europe’s lawmakers appear to be siding with upstarts as revisions under the Payment Services Directive 2 and Multi-Interchange Fee Regulation threaten to revolutionise the payments market.
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