ABBL: Commission opens investigation into e-payment market

26 September 2011

The European Commission has opened an antitrust investigation into the standardisation process for payments over the internet ('e-payments') undertaken by the European Payments Council (EPC).

The EPC is the coordination and decision-making body of the European banking industry for payments. The Commission will undertake a careful examination of the standardisation process to ensure that competition is not unduly restricted. The opening of proceedings does not prejudge the outcome of the investigation. It means the Commission treats the case as a matter of priority and will gather the necessary information to take a final position.

Joaquín Almunia, Commission Vice President in charge of Competition Policy, said: "Use of the internet is increasing rapidly, making the need for secure and efficient online payment solutions in the whole Single Euro Payments Area (SEPA) all the more pressing. I therefore welcome the work of the European Payments Council to develop standards in this area. 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."

Full article

EPC's press release

© ABBL - Luxembourg Bankers’ Association