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Europe's banks have been told that they will have to ditch interchange fees on direct debit transactions by 2012 under EU antitrust rules. The clarification on the ruling was conveyed in a joint statement by the European Commission and European Central Bank, with the aim of encouraging the European Payments Council (EPC) to launch the Sepa direct debit (SDD) scheme on 1 November 2009. In particular, the Commission makes clear that a general per transaction multilateral interchange fee (MIF) for direct debit transactions "does not seem justified for efficiency reasons and, therefore, does not appear compatible with EU antitrust rules". The Commission and the ECB also note that the forthcoming approval of the revised Regulation on cross-border payments will provide a three-year transitional regime for the SDD business model. EU... [read full story]
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