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I773 - Bancomat’s commitments to the Antitrust: reduced commissions for every transaction


PRESS RELEASE


PRESS RELEASE


Bancomat’s commitments to the Antitrust: reduced commissions for every transaction

The Bancomat Consortium, which currently boasts an affiliation of 594 subjects between banks, parent companies of banking groups and the most important non-banking national operators active in the provision of payment services, is going to reduce from 0.10 to 0.07 Euros the commission on any transaction (Bill Payment). In future, moreover, this value will be anchored to an analysis of the costs incurred by the operators, and will decrease as a result of the efficiencies which might be detected at system level. These are the main commitments the Consortium has formally bound itself by vis-à-vis the Antitrust, at the end of an investigation commenced on 19 February of the previous year so as to ascertain the possible existence of anti-competition profiles in breach of article 101 of the Treaty on the Functioning of the European Union.

Having been set at 10 cents per transaction, the multilateral interchange fee (MIF) had been applied since 3 January 2014, without an implementation deadline having been envisaged. The Bancomat Consortium represents one of the most widespread circuits in Italy, both in terms of the debit cards in circulation (approximately 30 million units, the equivalent of 80% of the total in 2012) and in terms of the active Points of Sale (POS) (approximately 1,2 millions, the equivalent of 85%). From the viewpoint of transparency, besides commissioning the realization of a study on the “Merchant indifference test” so as to obtain the necessary elements for absorbing the principles of the European Commission, the Consortium has bound itself to publish, on its own Internet website, the value of the commission applicable to the “Bill Payment” service, with a view to enabling operators and consumers to make more conscious choices on the means of payment.

Faced with the said commitments, the Competition and Market Guarantor Authority has resolved on making them obligatory and thereby closing the proceedings. Within 45 days, the Bancomat Consortium shall have to submit to the Antitrust a report in which to illustrate the methods of implementation of the undertaken commitments.

Rome, 18 November 2014