Frontier leads discussion at European Switches Forum
This week, Mark Falcon, Frontier (London), led a discussion at the European Switches Forum in Zurich on credit card interchange fees and the Single Euro Payments Area (SEPA). The European Switches Forum is a discussion group for European financial institutions, payment systems, and regulators. Mark emphasised that regulation of interchange fees is a complex question and that inappropriate regulation could undermine one of the chief objectives of SEPA, namely the migration of EU consumer payments from cash to lower cost electronic payment methods.
Credit card interchange fees are the fees paid between banks for credit card payments, which have attracted regulatory interest from the European Commission, UK Office of Fair Trading, and other national competition authorities. SEPA is a joint initiative by the European Commission, European Central Bank, and European banks to enable European citizens to make payments in the euro area as securely, quickly, and efficiently as payments within national borders.
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