Terms of Access to Payment Systems

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Terms of Access to Payment Systems"

Transcription

1 1 Terms of Access to Payment Systems The Different Positions of Small and Large Banks English summary of Swedish Competition Authority report 2006:1

2 2 Summary The Swedish banking market is dominated by a handful of major actors who have been turning a good profit for several years. New banks have entered the market, but they still represent only a small part of it, and there is no general tendency towards lower prices for consumers. One problem that newcomers have encountered is that consumers are not as a rule inclined to switch banks as they have difficulty comparing the alternatives and find it complex making the switch in practice. Another problem experienced by small actors is the way the terms of access to the general payment systems in the banking market are designed. These concern both pricing and other requirements, particularly ones of a technical nature, which are said to favour large operators. The Competition Authority has previously stressed the need to ensure that the terms are non discriminatory in the case of newcomers and small banks. In the preliminary work leading up to the new Banking and Financing Business Act from 2004, the Government and the Riksdag heeded this and noted the importance of following up the terms. Consequently, in February 2005 the Government instructed the Competition Authority to examine the conditions under which the general payment systems operate in Sweden and to address the question of whether (lack of) access to the infrastructure in these systems might deter small actors in the market and thereby hamper the development towards increased competition. A payment transaction is usually divided into three steps: authorisation, clearing and settlement. At the authorisation stage, banks establish the customer s identity, the validity of the payment instrument and whether the requested sum is available in the account. Every day, a large number of payments are processed. At the clearing stage, these payments are collated by an organisation

3 3 that calculates how much the various banks owe one another as a result. To a fairly large extent, the amounts cancel each other out. The net sums i.e. the sums that the banks owe one another after clearing are regulated at the settlement stage. Most of these transactions take place in the Swedish Central bank s system, RIX. In practice, the banks simply deposit money in each other s accounts at RIX to pay off the debts that have arisen as a result of the payment transactions. The most widely used payment instruments are giro transfers, direct transfers between accounts, and cards. In the case of giro transfers, the bank giro service (Bankgirot) plays an important role at the authorisation and clearing stages. In the case of direct transfers between accounts in different banks, these are usually handled by the data clearing system (Dataclearing). Both giro transfers and direct account transfers are settled in RIX. In the case of payment by card, the situation is partly different. When a customer uses a automated teller machine (ATM), the payment is authorised and cleared using one of the four communication systems available before the settlement order is sent to RIX (via Bankgirot). The authorisation of card payments is mainly carried out by CEKAB (a company owned by several major banks) or by Babs (a system owned by Föreningssparbanken). Clearing takes place abroad, via the Visa or Mastercard infrastructures, before the transaction is settled in Sweden. Banks wishing to meet most consumer demands in terms of financial services must be able to link basic payments services such as cards, giro transfers and direct account transfers to the customer s transaction account. This in turn assumes that the bank has access to the infrastructure underlying the payment systems on nondiscriminatory terms. As the transaction account represents a gateway to other banking services, such as savings products, deposits and credits, this issue crucially determines how competition develops in markets in the banking sphere.

4 4 Price discrimination, i.e. when a retailer prices identical goods differently, is fairly commonplace. One example is the practice of giving discounts to specific consumer groups, such as students or old age pensioners, or to consumers who buy large amounts. Price discrimination may affect welfare both favourably and unfavourably. It usually has an adverse effect when a retailer s pricing is designed to foreclose competitors. In certain network industries, such as electricity and telecom, there are special regulations 1 restricting such practices. If a retailer uses pricing in an attempt to prevent competitors from entering the market, this may infringe competition rules. It is only prohibited, however, if the company seeking to exclude competitors has a dominant position in the market. If several non dominant companies, acting independently of one another, set prices that deter other actors, this does not usually conflict with the competition rules. Thus situations may arise where competitive problems exist but cannot be dealt with under the Competition Act. Price surveys The Competition Authority has requested data on the prices paid by large and small banks respectively for access to the infrastructure in the payment systems described above. Some of the systems Bankgirot, Privatgirot, CEKAB, Dataclearing and RIX apply roughly the same principles when setting fees irrespective of the customer s identity. They offer volume discounts on total invoice amounts, which means that small actors are given discounts below five per cent while the large banks enjoy discounts that are often in the region of per cent. This represents a cost disadvantage to small actors, but the explanation offered by the system s advocates is that there are significant scale economies in production. Also, the participation of 1 E.g. the Electronic Communications Act (2003:389).

5 5 the market s large actors with their substantial transaction volumes is essential to cost efficiency in the system without them, smaller actors would probably have to operate on considerably less favourable terms. In certain cases, these volume discounts have been examined by the Competition Authority as well as the Market Court, and found to be compatible with the competition rules. The smaller actors that the Competition Authority contacted were not altogether against the idea of discounts, but questioned whether these were entirely cost motivated. In the case of cash withdrawals, banks usually agree bilaterally on what fees they should pay for accessing each other s ATMs. Thus the terms under which the various actors operate vary. A general conclusion is that small banks pay higher fees to large banks for access to the latter s ATMs, compared with the amounts that large banks pay one another for accessing each other s ATMs. This represents a cost disadvantage to small banks, particularly as the large banks own almost all of the ATMs in Sweden. The situation concerning card payments is partly different. Only a few actors, in principle only the major banks, provide the service to merchants required for accepting card payments. When a payment is made by card, the merchant s bank (the acquirer) pays a fee to the consumer s bank (the card issuer). The size of these fees is prescribed in bilateral agreements, or via multilateral agreements where the fees are fixed at the level that applies for cross border payments in the EU. The terms may differ between large and small banks, but in the view of the Competition Authority not to such an extent that they place smaller banks at a disadvantage as regards card issuing. In general, however, the smaller banks have refrained from offering retail companies the services required for receiving card payments. This market is dominated by the large banks. To sum up, the smaller banks have a cost disadvantage in terms of the fees charged for giro transfers, direct account transfers and cash

6 6 withdrawals, but not, as far as the Competition Authority can see, in the case of card issuing. The question of whether this deters small actors to such an extent that it jeopardises increased competition must, however, be viewed in the light of its overall impact. In assessing this, the competition has estimated the costs to small and large banks respectively of an average consumer s use of cash withdrawals, direct account transfers and giro transfers. Our calculations show that the cost disadvantage to the small banks is an estimated SEK per year/customer (approx euros). The single largest cost disadvantage concerns the banks access to ATMs. The cost disadvantage to the smaller banks in terms of cash withdrawals, direct account transfers and giro transfers is offset by the fact that they are in a more favourable position than the major banks as regards card issuing. Few ATMs in Sweden By international standards, Sweden has few ATMs. Those that exist, however, are used very widely. A comparison with 13 other EU member states shows that no other country has fewer ATMs per capita than Sweden yet more withdrawals per machine, as the figure shows below. In Sweden, withdrawals from ATMs are usually free of charge to the cardholder. This means that for the banking community as a whole, this area of activity does not cover its own costs, which may partly explain the limited number of ATMs in this country. However, as the cost of providing ATMs is in our assessment lower than the amount that the major banks generally pay one another for the right to access each other s networks, individual banks should find it profitable to install additional ATMs. There would also appear to be a market potential for an actor exclusively interested in supplying ATMs in Sweden. Such a development is contingent, however, on the large banks paying this actor fees that do not differ

7 7 substantially from the amount paid by the small banks for access to the major banks ATM networks. As far as the Competition Authority can determine, the large banks are unwilling to do so, which hampers this type of market entry and contributes to the relatively low number of ATMs in Sweden. Figure. Number of ATMs and withdrawals among the EU14*, 2003 Thousands of cash withdrawals per ATM Sweden Netherlands Finland Ireland Greece Germany Belgium France Italy UK Austria Luxembourg Portugal ATMs per miljon inhabitants Spain Sources: European Central Bank, 2005, Blue Book 2005, Payment and Securities Settlement systems in the European Union. *) No data available for Denmark Is the development towards increased competition being impeded? For the banking market as a whole, the terms of access to payment system infrastructure does not appear to have impeded the

8 8 development towards increased competition, despite the cost disadvantages for small actors. This conclusion is based both on the fact that the small banks are growing and are turning a profit, and also on their own assessments as outlined in interviews with the Competition Authority. In some segments of the payment service, however, the terms of access to payment system infrastructure appear to be constraining competition. In the view of the Competition Authority, the differences in fee levels paid by large and small banks represent a competitive problem as they limit the establishment of further ATMs. In the case of card issuing, the differences in fee levels do no represent any disadvantage to smaller banks, in the Competition Authority s view. Regarding card acquiring, this is an activity that mainly targets businesses and a market segment that smaller banks generally are absent from. This situation may be a result of unfavourable terms. The Competition Authority regards these latter problems as more serious than the cost disadvantages to smaller banks of volume discounts in giro transfer, direct account transfer and settlement systems. Stricter rules for infrastructure sharing The Competition Authority proposes that the commercial management of payment system infrastructure be made a separate operation and thus be freed from potential conflicts of interest. In network industries, rival companies sometimes cooperate in what are termed infrastructure clubs. This is common practice in Swedish

9 9 payment systems. Perhaps the foremost example is Bankgirot, where board members not only represent the owners but are also the system s biggest customers. While this kind of cooperation sometimes improves efficiency, there are also risks involved. Competitors may, for instance, gain a greater insight into one another s operations than is strictly necessary for the management of their joint activities, which may restrict competition. Alternatively, participants may design the terms of access in such a way that they place new market actors at a disadvantage or cause product development to focus on the needs of the large participants rather than those of the smaller banks. The Competition Authority wishes to emphasise the risks inherent in the current situation. It is therefore desirable that the commercial management of the systems be made a separate operation and thereby be freed from any potential conflicts of interest. More effective access rules The Competition Authority proposes that rules be developed to ensure that the terms of access to payment systems are objective, proportional and non discriminatory. As part of its efforts in the EU, the Government should press for a tightening of the rules in Article 23 of the New Legal Framework, in accordance with this objective. Strong network effects are a distinguishing feature of payment systems, as they are of the banking market in general. The benefit of gaining access to a given system increases as more people access the system. Other network industries, not least electricity and telecommunication, have special rules for how terms of access may be formulated. The rules are set up to prevent the introduction of discriminatory terms that impede market entry and thus harm competition. The rules may apply to prices and/or other requirements imposed on actors wishing to join the systems, and may be viewed as a supplement to the general competition rules

10 10 operating in Sweden. Under the Electronic Communications Act, for instance, certain obligations may be imposed on infrastructure owners concerning transparency, separate accounting and terms of use. In the electricity market, there are rules for how network charges are to be priced, and the Postal Services Act contains provisions requiring the terms of access to the facilities of licence holders to be reasonable and non discriminatory. Such rules are largely lacking with respect to the pricing of payment system infrastructure. While the Swedish Exchange and Clearing Operations Act (1992:543) requires the terms to be nondiscriminatory stating that equal cases shall be treated equally 2 it does not cover fee agreements between banks for things like cash withdrawals and card payments. The Competition Authority is of the opinion, therefore, that rules are needed here, too, to ensure that the terms are objective, proportional and non discriminatory. The introduction of non discriminatory terms of access should be accompanied by the establishment of an efficient supervisory model based on experience gained in the telecom field. This matter is also dealt with in Article 23 of the New Legal Framework setting out common rules for payment systems in the EU. However, the issue of non discriminatory terms is not explicitly dealt with here, either. In its work in the EU, therefore, the Government should press for a tightening of the rules so that Article 23 stipulates that the terms of access to payment systems must be non discriminatory. In the Competition Authority s view, such a change would put smaller actors in a better position, which would encourage the development towards enhanced competition. 2 Govt. Bill 1991/92:113, p 61.

11 11 Consumer support for switching bank The Competition Authority proposes that the responsible state authorities be instructed by the Government to strengthen the Consumers Banking & Finance Bureau s support to consumers, with a view to encouraging market mobility. A factor that may be even more crucial to competitive growth than better access to payment systems is consumer mobility in the market. Today, Swedish consumers switch banks fairly infrequently. If competition is to become stronger in the banking market, therefore, greater consumer mobility between banks is essential, as this makes it easier for new actors to test new products in the market. This in turn makes the market more dynamic and promotes development over time. In order to make rational choices, consumers have to be able to assess the various market offerings and at the same time compare them with their actual needs. It should be stressed that this is not primarily about comparing the prices of different payment services. Consumers may save considerable amounts by adopting a comprehensive approach. What services does the household utilise today and how much do they cost? What needs are the services supposed to meet is some form of personal service required, for instance? Based on the answers to these questions, consumers can decide whether the services they are using in the household are competitive and actually meet the household s real needs. Perhaps the household would benefit from switching banks or having more than one bank? We should bear in mind, however, that the cheapest service is by no means always the most beneficial one. Adopting a comprehensive approach to these questions is by no means a simple matter, and most consumers therefore need help and advice. Such support would involve providing consumers with the tools they require to act as their own financial advisers.

12 12 The Consumers Banking & Finance Bureau is best suited to this task. The Government, therefore, should instruct the responsible state authorities to strengthen the bureau s support to consumers and thereby promote market mobility. Here, the UK is a valuable source of inspiration as regards appropriate support measures. Retaining account numbers when switching banks - portability The Competition Authority finds it unreasonable that switching banks necessitates more administrative work on the part of private individuals than on the part of business customers. Besides the provision of practical support to consumers, mobility can be encouraged by simplifying the actual bank switching procedure. This could involve introducing number portability for bank accounts in the same way as for telephony services. Such a course would mean private individuals being able to retain their old account numbers, and would also mean automatically transferring all services associated with that account such as direct debiting and wage and benefit payments to the account in the new bank. European banks and central banks, however, have raised objections to a proposal along these lines presented by the European Commission. They argued that portability had only limited benefits when set against the costs of introducing it. In the Competition Authority s view, this argument does not necessarily apply in Sweden as the systems technological design varies considerably from country to country. Some of the smaller banks have proposed introducing account number portability to boost competition, and have also recommended that the banks develop a common technological solution in this respect. When a legal person switches banks, the bank giro services that are linked to the old account are automatically transferred to the account

13 13 in the new bank. Such a solution is not available to private individuals, however, as they are not offered a bank giro number. The Competition Authority finds it unreasonable that switching banks necessitates more administrative work on the part of a private individual than on the part of a business customer. It should be possible, therefore, to develop a solution for private individuals along the same lines as the one used for businesses. Simpler to switch banks The Competition Authority proposes that the Swedish Financial Supervisory Authority (FI) be instructed by the Government to review the possibility of supplementing the general guidelines concerning deposit accounts, with a view to simplifying the administrative work required of consumers who switch banks. Many consumers feel the process of moving direct debit orders from one bank to another is too elaborate. To simplify the procedure, the banking industries in the UK and Ireland have adopted selfregulating codes of practice. Under these codes, the banks agree to inform customers about how to switch banks, and about the maximum time allowed for the various parts of the switch, and also undertake to inform the new bank about the various payment services that are linked to the customer s old account. In the opinion of the Competition Authority, similar rules would have a favourable effect in Sweden. With reference to the arrangements in place in the UK and Ireland, it should be possible for the Swedish Bankers Association to have its members to cooperate in this matter voluntarily. A voluntary commitment that enjoys public confidence, however, requires not only rules but also controls and the possibility of imposing sanctions. Such a structure within a self regulatory framework does not exist in the Swedish banking sector.

14 14 The FI issues general guidelines to the banks concerning good practice in the market. In the case of deposit accounts, it issued general guidelines concerning both these and related banking services in 2001 (FFFS 2001:8). The Government should therefore instruct the FI to review the need, and appropriate format, for supplementing these guidelines with the objective of simplifying the administrative work required of consumers who switch banks, based on the examples of the UK and Ireland. In the EU, work is under way to create a simplified and harmonised set of rules on the requirements to be imposed on suppliers of payment services. In its comments 3 on the European Commission s proposed directive on payments in the internal market (the New Legal Framework), the Swedish Competition Authority stressed the importance of taking a closer look at how customer mobility might be encouraged, for instance through the introduction of rules simplifying the administrative work of consumers switching banks. As the ability of consumers to switch banks or seek new banking relationships is crucial to the future growth of competition, the Competition Authority will be keeping track of developments in this area in the years ahead. This applies in particular to measures aimed at simplifying the procedure for private individuals wishing to compare and switch banks. In conclusion......the Competition Authority takes the view that the Government should develop a cohesive strategy for improving competition in the banking market. This strategy should incorporate the proposals outlined above, i.e. clearer rules for infrastructure sharing, tougher requirements concerning objective and non discriminatory terms of access to payment systems, and measures to make it easier for 3 Ref 976/2005.

15 consumers to become active in the market. Taken as a whole, more effective rules lead to tougher competition and encourage banks to meet customer needs more fully, which in turn benefits the economy as a whole and leads to greater welfare. 15

Cash machine withdrawal in the EU (+Norway and Iceland)

Cash machine withdrawal in the EU (+Norway and Iceland) Cash machine withdrawal in the EU (+Norway and Iceland) Country Is it free of charge to go to a cash machine from a different bank than consumers own to withdraw money? If withdrawal is not free of charge,

More information

Payments Package: Questions and Answers

Payments Package: Questions and Answers Payments Package: Questions and Answers Date: November 2013 Contact: Ruth Milligan, T: +32 2 737 05 95, milligan@eurocommerce.be A. Introduction The Commission published its Payments Package on 24 July

More information

Report on the Possibility for Insurance Companies to Use Hedge Funds 1

Report on the Possibility for Insurance Companies to Use Hedge Funds 1 CEIOPS-DOC-06/05 Rev.1 Report on the Possibility for Insurance Companies to Use Hedge Funds 1 December 2005 1. Introduction The purpose of this survey is to gather information at Community level on the

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

Basic banking services

Basic banking services Presentation to the European Parliament by London Economics 25 January 2012 1 Presentation outline Basic facts and benefits 2 and benefits Background Access to basic banking is essential in modern society,

More information

The flow of payments in Sweden - How it works. The Payment Mediation Working Group

The flow of payments in Sweden - How it works. The Payment Mediation Working Group The flow of payments in Sweden - How it works The Payment Mediation Working Group Version 3.0 March 2012 2(50) Summary The group for private-public co-operation in the financial sector (FSPOS) has conducted

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Answers to the Green Paper Towards an integrated European market for card, internet and mobile payments

Answers to the Green Paper Towards an integrated European market for card, internet and mobile payments Answers to the Green Paper Towards an integrated European market for card, internet and mobile payments Ad 4.1.1. (MIFs) Figure 1. Interchange fees in card payments in Europe (2011). Visa Poland Germany

More information

Is your business costing you?

Is your business costing you? Is your business costing you? find extra profit A guide to reducing non-core operating costs in the economic downturn Issue 2: Banking and Finance Expense Reduction Analysts Introduction Banking is never

More information

SUMMARY OF THE IMPACT ASSESSMENT

SUMMARY OF THE IMPACT ASSESSMENT EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, SEC(2008) 350/2 COMMISSION STAFF WORKING DOCUMENT accompanying the Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL facilitating

More information

FINANCIAL INCLUSION: ENSURING ACCESS TO A BASIC BANK ACCOUNT

FINANCIAL INCLUSION: ENSURING ACCESS TO A BASIC BANK ACCOUNT FINANCIAL INCLUSION: ENSURING ACCESS TO A BASIC BANK ACCOUNT CONSULTATION DOCUMENT - COMMON RESPONSE Question 1: Do you share the Commission's overall objective to ensure that, by a certain date, every

More information

4 Distribution of Income, Earnings and Wealth

4 Distribution of Income, Earnings and Wealth 4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per

More information

Competition policy brief

Competition policy brief Issue 2015-3 June 2015 ISBN 978-92-79-38783-8, ISSN: 2315-3113 Competition policy brief Occasional discussion papers by the Competition Directorate General of the European Commission The Interchange Fees

More information

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA

Supplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual

More information

Single Euro Payments Area

Single Euro Payments Area Single Euro Payments Area Overview SEPA (Single Euro Payments Area) is a European payments initiative which aims to create one single, integrated, standardised payments market in Europe. It is an area

More information

SMEs access to finance survey 2014

SMEs access to finance survey 2014 EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence

More information

Card payments in Sweden

Card payments in Sweden Card payments in Sweden BY LARS NYBERG AND GABRIELA GUIBOURG Lars Nyberg is a Deputy Governor of the Riksbank and Gabriela Guibourg works at the Financial Stability Department. Consumers in the Nordic

More information

Draft guidelines and measures to improve ICT procurement. Survey results

Draft guidelines and measures to improve ICT procurement. Survey results Draft guidelines and measures to improve ICT procurement Survey results Europe Economics Chancery House 53-64 Chancery Lane London WC2A 1QU Tel: (+44) (0) 20 7831 4717 Fax: (+44) (0) 20 7831 4515 www.europe-economics.com

More information

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL EUROPEAN COMMISSION Brussels, 25.9.2014 COM(2014) 592 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation in the period from 4 December 2011 until 31 December

More information

SEPA - Frequently Asked Questions

SEPA - Frequently Asked Questions SEPA - Frequently Asked Questions Contents SEPA Overview Questions... 2 What is SEPA?... 2 What is the aim of SEPA?... 3 Where did SEPA come from?... 3 What countries are included in SEPA?... 3 What currencies

More information

A Guide to the Card Payments System Reforms

A Guide to the Card Payments System Reforms A Guide to the Card Payments System Reforms Michele Bullock* Studies by the Reserve Bank undertaken from 2000 to 2002 concluded that the structure of pricing in the Australian card payments system was

More information

Questions & Answers clarifying key aspects of the SEPA Cards Framework

Questions & Answers clarifying key aspects of the SEPA Cards Framework Doc. EPC075-08 (Version 10.0) 11 June 2008 Questions & Answers clarifying key aspects of the SEPA Cards Framework Circulation: Publicly available Restricted: No SEPA a Guide to the Single Euro Payments

More information

Implementation of EC Good Practice Guidance for Billing ERGEG Status Review Ref: E10-CEM-36-03 8 September 2010

Implementation of EC Good Practice Guidance for Billing ERGEG Status Review Ref: E10-CEM-36-03 8 September 2010 Implementation of EC Good Practice Guidance for Billing ERGEG Status Review Ref: E10-CEM-36-03 8 September 2010 Council of European Energy Regulators ASBL 28 rue le Titien, 1000 Bruxelles Arrondissement

More information

Review of the Payment Services Directive

Review of the Payment Services Directive EU Review of the Payment Services Directive The question of surcharges Elina Pyykkö ECRI Policy Brief No. 5 October 2011 The Payment Services Directive was intended to provide more price transparency for

More information

Payments Relating to Online Shopping

Payments Relating to Online Shopping 131 Payments Relating to Online Shopping Eva Wix Wagner, Payment Systems INTRODUCTION AND SUMMARY Online shopping in Denmark has increased significantly in recent years, and Danish consumers are among

More information

Trends in the Use of Payment Instruments in the United States

Trends in the Use of Payment Instruments in the United States Trends in the Use of Payment Instruments in the United States Geoffrey R. Gerdes and Jack K. Walton II, of the Board's Division of Reserve Bank Operations and Payment Systems, and May X. Liu and Darrel

More information

The Society of Actuaries in Ireland

The Society of Actuaries in Ireland The Society of Actuaries in Ireland Briefing Statement on Insurance provisions in the Disability Bill 2004 Introduction The Disability Bill published in September 2004 provides for certain restrictions

More information

The Danish grocery market

The Danish grocery market The Danish grocery market The yearly revenue in the Danish grocery market amounts to 105 billion DKK, which means that groceries on average represent 15 percent of the Danish household s total consumption.

More information

INFORMATION SESSION ON THE PART TIME REGULATIONS. ORGANISED BY THE MALTA EMPLOYERS ASSOCIATION 5 th October 2007

INFORMATION SESSION ON THE PART TIME REGULATIONS. ORGANISED BY THE MALTA EMPLOYERS ASSOCIATION 5 th October 2007 INFORMATION SESSION ON THE PART TIME REGULATIONS ORGANISED BY THE MALTA EMPLOYERS ASSOCIATION 5 th October 2007 The EU Directive 97/81EC regulating part time employment was adopted by Council on the 15

More information

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP

FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for

More information

Decision on the CMA s review of the Credit Cards (Merchant Acquisition) Order 1990

Decision on the CMA s review of the Credit Cards (Merchant Acquisition) Order 1990 Decision on the CMA s review of the Credit Cards (Merchant Acquisition) Order 1990 Contents Page Summary... 1 Introduction... 2 Background... 4 Monitoring activity... 7 Market developments... 7 Stakeholder

More information

Cash Account Cash Account

Cash Account Cash Account Cash Account Cash Account Looking after your money, everyday Contents Cash Account 3 What s not included? 5 Using your Cash Account 6 Getting more from your Visa debit card 7 How to pay money into your

More information

THE LICENSING OF PENSION ENTITIES IN PRIVATE PENSION SYSTEMS

THE LICENSING OF PENSION ENTITIES IN PRIVATE PENSION SYSTEMS THE LICENSING OF PENSION ENTITIES IN PRIVATE PENSION SYSTEMS July 2007 This comparative report provides background to the OECD-IOPS Guidelines on the Licensing of Pension Entities. For further on this

More information

RETAIL FINANCIAL SERVICES

RETAIL FINANCIAL SERVICES Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: March 212 This survey has been requested by Directorate-General Internal Market and Services and co-ordinated

More information

RETAIL FINANCIAL SERVICES

RETAIL FINANCIAL SERVICES Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: April 212 This survey has been requested by the European Commission, Directorate-General Internal Market

More information

foreign risk and its relevant to acca qualification paper F9

foreign risk and its relevant to acca qualification paper F9 01 technical foreign risk and its relevant to acca qualification paper F9 Increasingly, many businesses have dealings in foreign currencies and, unless exchange rates are fixed with respect to one another,

More information

62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 III

62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 III 62 BANQUE CENTRALE DU LUXEMBOURG ANNUAL REPORT 2002 I II III Iv annual report 2002 IV PART iv PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 63 Payment and securities settlement systems iv Payment and securities

More information

Public Interest Entities

Public Interest Entities Public Interest Entities Background This agenda paper sets out the Task Force s views as to: whether additional auditor independence requirements currently applied to listed entities should also be applied

More information

Public Authority Involvement in Credit and Debit Card Markets: Various Countries

Public Authority Involvement in Credit and Debit Card Markets: Various Countries Prepared by Fumiko Hayash i Public Authority Involvement in Credit and Debit Card Markets: Various Countries 1. Interchange and Merchant Service Fees a. Actions taken by public authorities Country Credit

More information

Figure 1 Statutory corporate income tax rates

Figure 1 Statutory corporate income tax rates Figure 1 Statutory corporate income tax rates 7 6 1982 2001 5 4 3 2 1 Austria Belgium Canada Finland France UK Germany Greece Ireland Italy Japan Netherlands Notes: For countries using different tax rates,

More information

Modernisation of Article 102 TFEU: Use of Economic Analysis for Conditional Rebates

Modernisation of Article 102 TFEU: Use of Economic Analysis for Conditional Rebates Competition Competence Report 1/ 2005 Competition Competence Report Modernisation of Article 102 TFEU: Use of Economic Analysis for Conditional Rebates The process of modernisation has reached Article

More information

INTERNATIONAL. Helping your money travel around the world. International payments travel money and CHAPS. Talk to us today

INTERNATIONAL. Helping your money travel around the world. International payments travel money and CHAPS. Talk to us today INTERNATIONAL Helping your money travel around the world International payments travel money and CHAPS Talk to us today Access your money, at home and away Maybe you have family overseas and want to send

More information

International ACH: Payment Gateway to Europe

International ACH: Payment Gateway to Europe International ACH: Payment Gateway to Europe Treasury Symposium St. Petersburg Florida Tuesday, January 27 Concurrent Session 16 10:15am 11:30am International ACH: Payment Gateway to Europe Presenters:

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

Industry Example: The European Market for Electricity

Industry Example: The European Market for Electricity Industry Example: The European Market for Electricity Professur für BWL, insb. Internationale Wirtschaft Folie 1 Agenda 1. Some theory 2. The National Markets for Electricity 3. EU Liberalization Policy

More information

Payment flows of interbank payment and settlement systems in 2002

Payment flows of interbank payment and settlement systems in 2002 Payment flows of interbank payment and settlement systems in 2002 1. Development and distribution of interbank turnover among payment systems The value of the interbank payment system in 2002 including

More information

The bank the business partner you can t do without

The bank the business partner you can t do without The bank the business partner you can t do without Key people are always in demand to help in running a business. Ask any farm owner to list out the key people the look to in the running of the farm would

More information

RECOMMENDATIONS by THE COMPANY LAW SLIM WORKING GROUP on THE SIMPLIFICATION OF THE FIRST AND SECOND COMPANY LAW DIRECTIVES

RECOMMENDATIONS by THE COMPANY LAW SLIM WORKING GROUP on THE SIMPLIFICATION OF THE FIRST AND SECOND COMPANY LAW DIRECTIVES RECOMMENDATIONS by THE COMPANY LAW SLIM WORKING GROUP on THE SIMPLIFICATION OF THE FIRST AND SECOND COMPANY LAW DIRECTIVES Conclusions submitted by the Company Law Slim Working Group I. FIRST COUNCIL DIRECTIVE

More information

Summaries of the proposal from the Swedish Committee on Corporate Taxation

Summaries of the proposal from the Swedish Committee on Corporate Taxation Summaries of the proposal from the Swedish Committee on Corporate Taxation This document contains a two-page executive summary and a sixpage full summary of the main proposal from the Swedish Committee

More information

The Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit.

The Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit. RESPONSIBILITIES OF THE NATIONAL BANK OF POLAND RESULTING FROM THE FOREIGN EXCHANGE ACT 1. FOREIGN EXCHANGE PROVISIONS Foreign exchange regulations, which constitute part of the financial legislation,

More information

Primary law in the light of market analysis experiences, best practice and recommendations

Primary law in the light of market analysis experiences, best practice and recommendations Primary law in the light of market analysis experiences, best practice and recommendations Workshop on carrying out relevant market analysis following new EC Recommendation 4-5 June 2009 Emily O Reilly

More information

INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES

INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES Eurobarometer INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES REPORT Fieldwork: February 2015 Publication: September 2015 This survey has been requested by the European Commission, Directorate-General

More information

EU Consultation: Access to a Basic Payment Account. ecdn RESPONSE November 2010

EU Consultation: Access to a Basic Payment Account. ecdn RESPONSE November 2010 ID-No: 88151944552-38 The European Consumer Debt Network is a European civil society network built on the experiences and expertise of debt advice organisations, consumer agencies, financial educators,

More information

Free access to Teller24, our automated telephone system. A lot of other financial institutions offer free checking with a lot of strings.

Free access to Teller24, our automated telephone system. A lot of other financial institutions offer free checking with a lot of strings. Switch To A City Credit Union Checking Account And Enjoy... No minimum balance No monthly fee No per check fees Free Online Banking with access to canceled checks! Free Online Bill Pay* Free VISA Debit

More information

Date Page 28 January 2009 1(11)

Date Page 28 January 2009 1(11) Date Page 28 January 2009 1(11) PTS-ER-2009:6 Network neutrality Summary The purpose of this memorandum is to describe the concept of network neutrality, the rules, and the role of PTS now and in the future.

More information

Box 1: Four party credit card schemes

Box 1: Four party credit card schemes The relevant sections of the Payment Systems (Regulation) Act 1998 are provided in Attachment 1. The Reserve Bank did not designate the three party card schemes, the American Express card system and the

More information

Re-engineering Debit: The Missing SEPA Blueprint

Re-engineering Debit: The Missing SEPA Blueprint Re-engineering Debit: The Missing SEPA Blueprint ARTICLE Peter Jones Managing Director PSE Consulting (Payment Systems Europe) 14 th March 2005 As the plan for a Single Euro(pean) Payments Area (SEPA)

More information

The Role of Exchange Settlement Accounts

The Role of Exchange Settlement Accounts Reserve Bank of Australia Bulletin March 1999 The Role of Exchange Settlement Accounts Introduction Exchange Settlement (ES) Accounts provided by the Reserve Bank play an important role in the Australian

More information

THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES

THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES Annals of the University of Petroşani, Economics, 11(3), 2011, 15-22 15 THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES CĂTĂLIN NICOLAE BULGĂREA * ABSTRACT:

More information

Finance information for postgraduate students

Finance information for postgraduate students Finance information for postgraduate students Contents Finance information for postgraduate students... 1 Contents... 1 Introduction... 2 Postgraduate tuition fee arrangements... 2 Postgraduate students

More information

4/17/2015. Health Insurance. The Framework. The importance of health care. the role of government, and reasons for the costs increase

4/17/2015. Health Insurance. The Framework. The importance of health care. the role of government, and reasons for the costs increase Health Insurance PhD. Anto Bajo Faculty of Economics and Business, University of Zagreb The Framework The importance of healthcare, the role of government, and reasons for the costs increase Financing

More information

Cash Account. Looking after your money, everyday.

Cash Account. Looking after your money, everyday. Cash Account Looking after your money, everyday. Contents. Our Bank of Scotland Cash Account 2 What s not included? 3 Using our Bank of Scotland Cash Account 4 Getting more from your Visa debit card 5

More information

COUNCIL OF THE EUROPEAN UNION. Brussels, 2 May 2011 9564/11. Interinstitutional File: 2010/0210 (COD)

COUNCIL OF THE EUROPEAN UNION. Brussels, 2 May 2011 9564/11. Interinstitutional File: 2010/0210 (COD) COUNCIL OF THE EUROPEAN UNION Brussels, 2 May 2011 Interinstitutional File: 2010/0210 (COD) 9564/11 SOC 372 MIGR 99 CODEC 714 DRS 64 WTO 187 SERVICES 66 NOTE from: Council General Secretariat to: Delegations

More information

Pricelist. Retail Banking

Pricelist. Retail Banking Pricelist Retail Banking Price list of retail banking Table of Contents: 1. Deposits and savings 3 2. Account access 4 2.1 Debit cards 4 2.2 Online banking 4 2.3 Mobile banking 5 2.4** SMS services 5 2.5

More information

Operational Companies VAT Indirect Taxes. Why Luxembourg: VAT advantages for commercial companies*

Operational Companies VAT Indirect Taxes. Why Luxembourg: VAT advantages for commercial companies* Operational Companies VAT Indirect Taxes Why : VAT advantages for commercial companies* Why : VAT advantages for commercial companies as an international decision-making, financing or distribution hub:

More information

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth

NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth 4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for

More information

The Benefits of a Working European Retail Market for Financial Services

The Benefits of a Working European Retail Market for Financial Services EFR Study Benefits of a Working EU Market for Financial Services 1 Friedrich Heinemann Mathias Jopp The Benefits of a Working European Retail Market for Financial Services Report to European Financial

More information

In a landmark decision for companies operating in

In a landmark decision for companies operating in Dutch Exit Tax Rules Challenged in National Grid Indus by Tom O Shea Tom O Shea is the academic director of the Master s in Taxation program at the Institute of Advanced Legal Studies at the University

More information

Economic impact of regulation in the field of liberal professions in different Member States

Economic impact of regulation in the field of liberal professions in different Member States Research Report Economic impact of regulation in the field of liberal professions in different Member States Regulation of Professional Services Iain Paterson, Marcel Fink, Anthony Ogus et al. Executive

More information

Releasing Housing Equity

Releasing Housing Equity Briefing 3 Releasing Housing Equity February 2010 The aim of this briefing is to present findings about the means especially financial products whereby European households might release the equity in their

More information

Fees and charges. Account maintenance, safes, certification and enquiries

Fees and charges. Account maintenance, safes, certification and enquiries Account maintenance, safes, certification and enquiries ANNUAL ACCOUNT MAINTENANCE FEE 1 CERTIFICATION AND ENQUIRIES Including secure e-banking access² 25 EUR Payment enquiries Correspondence sent by post

More information

Fees for tax reclaims. Fees for partial / complete exemption from taxes. Legal fees³. Other miscellaneous fees

Fees for tax reclaims. Fees for partial / complete exemption from taxes. Legal fees³. Other miscellaneous fees Account maintenance, safes, certification and enquiries ANNUAL ACCOUNT MAINTENANCE FEE 1 SAFE DEPOSIT BOXES Including secure e-banking access² 25 EUR Volume (dm 3 ) annual rental fee before tax + 17% VAT

More information

Crisis Response to the Department for Work and Pensions Consultation - Social Fund reform: debt, credit and lowincome

Crisis Response to the Department for Work and Pensions Consultation - Social Fund reform: debt, credit and lowincome Crisis Response to the Department for Work and Pensions Consultation - Social Fund reform: debt, credit and lowincome households June 2010 Introduction Crisis, the national charity for single homeless

More information

EXECUTIVE SUMMARY. Measuring money laundering at continental level: The first steps towards a European ambition. January 2011 EUROPEAN COMMISSION

EXECUTIVE SUMMARY. Measuring money laundering at continental level: The first steps towards a European ambition. January 2011 EUROPEAN COMMISSION MONEY LAUNDERING IN EUROPE Measuring money laundering at continental level: The first steps towards a European ambition EXECUTIVE SUMMARY January 2011 EUROPEAN COMMISSION DG HOME AFFAIRS FIGHT AGAINST

More information

Towards a Single Market for Occupational Pensions Without Tax Obstacles

Towards a Single Market for Occupational Pensions Without Tax Obstacles Towards a Single Market for Occupational Pensions Without Tax Obstacles May 25 9:00 AM 9:45 AM Peter Schonewille, European Commission, DG TAXUD/E/3 Competence Centre for Pension Research, University of

More information

PwC study: The impact of the revision of the Insurance Mediation Directive. Background note

PwC study: The impact of the revision of the Insurance Mediation Directive. Background note 1 PwC study: The impact of the revision of the Insurance Mediation Directive Background note I. Background In the context of the review of the Insurance Mediation Directive (IMD), the European Commission

More information

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) -

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - - Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - BACKGROUND The information available on this website relates

More information

2: Credit cards, etc. Overview of the sector

2: Credit cards, etc. Overview of the sector 19 2: Credit cards, etc Overview of the sector Note: This sectoral guidance is incomplete on its own. It must be read in conjunction with the main guidance set out in Part I of the Guidance. 2.1 A credit

More information

Code of Conduct on the Switching of Current Accounts with Credit Institutions

Code of Conduct on the Switching of Current Accounts with Credit Institutions Code of Conduct on the Switching of Current Accounts with Credit Institutions CHAPTER 1 SCOPE This Code applies to current accounts held by consumers and that are denominated in euros. This Code applies

More information

EUROPEAN MODEL COMPANY ACT (EMCA) CHAPTER 2 FORMATION OF COMPANIES

EUROPEAN MODEL COMPANY ACT (EMCA) CHAPTER 2 FORMATION OF COMPANIES EUROPEAN MODEL COMPANY ACT (EMCA) CHAPTER 2 FORMATION OF COMPANIES PART 1 FORMATION OF COMPANIES Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Method of formation Founders

More information

APPENDIX A: COUNTRY REPORTS

APPENDIX A: COUNTRY REPORTS Austria The current conditions are that a should meet two out of the following three requirements: Balance sheet Number of Small < 7,3 mio. < 3,65 mio. 50 Medium-sized < 29,2 mio. < 14,6 mio. 250 *Austrian

More information

Declaration of Internet Rights Preamble

Declaration of Internet Rights Preamble Declaration of Internet Rights Preamble The Internet has played a decisive role in redefining public and private space, structuring relationships between people and between people and institutions. It

More information

4 Further details of the responses received are presented below.

4 Further details of the responses received are presented below. REPORT ON BOND EXCHANGES AND DEBT BUY-BACKS A SURVEY OF PRACTICE BY EC DEBT MANAGERS In June 2001 a questionnaire covering the practices followed by debt managers implementing bond exchange or buy-back

More information

Consolidation, discounts and non-discrimination in the Belgian postal market

Consolidation, discounts and non-discrimination in the Belgian postal market Belgian Institute for postal services and telecommunications Consolidation, discounts and non-discrimination in the Belgian postal market WIK Conference February 11th 2015 AXEL DESMEDT MEMBER OF THE BIPT

More information

Role of ICTs and knowledge-based industries in industrial restructuring the Finnish experience

Role of ICTs and knowledge-based industries in industrial restructuring the Finnish experience Role of ICTs and knowledge-based industries in industrial restructuring the Finnish experience Antti Eskola Ministry of Trade and Industry Helsinki, Finland UNECE Trade and Industry Development Week 24

More information

EPIF POSITION PAPER ON ACCESS TO BANK SERVICES FOR PAYMENT INSTITUTIONS

EPIF POSITION PAPER ON ACCESS TO BANK SERVICES FOR PAYMENT INSTITUTIONS Page1 21 MAY 2014 EPIF POSITION PAPER ON ACCESS TO BANK SERVICES FOR PAYMENT INSTITUTIONS ABOUT EPIF (EUROPEAN PAYMENT INSTITUTIONS FEDERATION) EPIF was founded in 2011 to represent the interests of the

More information

Plastic Cards: A Guide to Consumer Protection in the UK

Plastic Cards: A Guide to Consumer Protection in the UK Plastic Cards: A Guide to Consumer Protection in the UK One of the key benefits of using a UK-issued credit, debit or pre-paid card, is that your transactions can benefit from consumer protection that

More information

REPORT SHOWS INCUMBENT OPERATORS COULD CONTROL 80% of NEXT GENERATION BROADBAND MARKET

REPORT SHOWS INCUMBENT OPERATORS COULD CONTROL 80% of NEXT GENERATION BROADBAND MARKET REPORT SHOWS INCUMBENT OPERATORS COULD CONTROL 80% of NEXT GENERATION BROADBAND MARKET ECTA urges European policy-makers to approve powers for functional separation as competitive impetus wanes Brussels,

More information

THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS

THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS Flash Eurobarometer THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS REPORT Fieldwork: January February 2014 Publication: May 2014 This survey has been requested by the European Commission,

More information

COMMUNICATION FROM THE COMMISSION

COMMUNICATION FROM THE COMMISSION EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court

More information

Register ID number: 3373670692 24

Register ID number: 3373670692 24 EFAMA reply to European Commission consultation paper on Central Securities Depositories (CSDs) and on the Harmonisation of Certain Aspects of Securities Settlement in the European Union Register ID number:

More information

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

More information

European judicial training 2014. Justice

European judicial training 2014. Justice European judicial training 2014 Justice Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) Certain mobile telephone

More information

The Tax Burden of Typical Workers in the EU 28 2015

The Tax Burden of Typical Workers in the EU 28 2015 The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

Applying for Pension from Abroad. Did you know that you can apply for a pension even for work you did abroad in the 1960s?

Applying for Pension from Abroad. Did you know that you can apply for a pension even for work you did abroad in the 1960s? Applying for Pension from Abroad Did you know that you can apply for a pension even for work you did abroad in the 1960s? The Finnish Centre for Pensions is at your service when you apply for a pension

More information

CENTRAL BANK OF CYPRUS

CENTRAL BANK OF CYPRUS APPENDIX 2 NOTIFICATION BY A BANK INCORPORATED IN CYPRUS, WHICH WISHES TO PROVIDE SERVICES, ON A CROSS BORDER BASIS, IN OTHER EUROPEAN UNION (E.U.) MEMBER STATES IN ACCORDANCE WITH ARTICLE (28) OF THE

More information

Description of discount rates and interbank fees in relation to bank card payments in Mexico

Description of discount rates and interbank fees in relation to bank card payments in Mexico Description of discount rates and interbank fees in relation to bank card payments in Mexico I. Introduction In recent years, credit and debit cards have been increasingly used in Mexico for retail and

More information

STATE BANK OF PAKISTAN

STATE BANK OF PAKISTAN STATE BANK OF PAKISTAN on e-payment Gateway i P a g e Table of Contents ACRONYMS... 1 DEFINITIONS... 2 SCOPE OF THE DOCUMENT... 4 INTRODUCTION... 5 PURPOSE & BENEFITS OF E-PG... 6 FUNCTIONS OF E- PG...

More information

Privileged user management

Privileged user management Privileged user management vv It s time to take control Bob Tarzey, Analyst and Director, Quocirca Ltd Introduction The data presented is based on 270 telephone interviews with organisations across Europe

More information

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The Italian Social Security

More information