By Scott McInnes (June 1, 2017, 12:07 PM EDT) -- Over the last few years, payments have been subject to a lot of attention in Europe, both under competition law as well as regulation. Competition law has in particular been used to cap the levels of "interchange fees" to be paid by merchants' banks ("acquirers") to card-issuing banks ("issuers") — and some competition law proceedings are still ongoing. But a wave of EU legislation is also impacting payments in Europe — including the revision of the EU Payment Services Directive ("PSD2") and the EU Interchange Fee Regulation ("IFR"). Some of the provisions contained in PSD2 in particular may have an impact on U.S. companies that are involved in payments, whether as merchant or as card issuer. We briefly address both legislations below....
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