Watchdog Probes Payment Providers On Interchange Fee Rule

By Joanne Faulkner (July 10, 2019, 8:11 PM BST) -- Britain's payments regulator revealed Wednesday it has opened seven investigations into whether credit and debit card issuers are circumventing European Union rules on interchange fee caps.

The Payment Systems Regulator said it is digging into whether regulated companies are complying with rules that prohibit them from side-stepping caps on interchange fees. The cap places limits on the amount paid between issuer and acquirer banks for accepting card-based payments. Firms that breach the rules could face a fine, the watchdog said. 

"If an investigation demonstrates that a regulated person has failed to comply with an obligation imposed by the IFR, we have...

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