EU Antitrust Commission opens investigation in e-payment market

[ThomasV]

I do not know if this has been posted already:
http://europa.eu/rapid/pressReleasesAction.do?reference=IP/11/1076&format=HTML&aged=0&language=EN

[hugolp]

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, for example through the exclusion of new entrants and payment providers who are not controlled by a bank. Excluding competitors in the online payments market could result in higher prices for web merchants and ultimately consumers.

Translation:

We want to make sure the online payment system does not get too far away from the control of the big banks.

[322i0n]

I imagine this will be for such things as Dwolla, Paxum, LR, Moneybooker etc. Not an issue for bitcoin.

[hugolp]

I imagine this will be for such things as Dwolla, Paxum, LR, Moneybooker etc. Not an issue for bitcoin.

It all depends on how they define e-money. With the present definition on the EU it does not affect Bitcoin.

[322i0n]

e-money is a very different to e-payments anyway.

[Etlase2]

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, for example through the exclusion of new entrants and payment providers who are not controlled by a bank. Excluding competitors in the online payments market could result in higher prices for web merchants and ultimately consumers.

Translation:

We want to make sure the online payment system does not get too far away from the control of the big banks.

It is an anti-trust investigation against BANKS trying to fuck over NON-BANKS from getting into a lucrative market.

[zer0]

Yes, this is an antitrust investigation against HSBC and Deutsche bank from preventing new competition into the sepa payments network and for setting up their own non sepa gateway. You start a new e-payments gateway called EuroConnect and find out no bank will let you open an account, or charges you incredibly huge fees, so you cry to the Euro Antitrust commission and voila, settlements incoming

Wish we could do that in my country. Good luck trying to set up a credit card payment gateway with Moneris/Royal Bank strangling all competition