According to an April 2nd article published by Thomson Financial, Peter Ayliffe, chief executive of Visa Europe Ltd. “wants a ‘negotiated settlement’ with the European Commission over its cross-border interchange fees, adding that the payments card group seeks an agreement as soon as possible.”
While Mr. Ayliffe said “a settlement is the ‘right way forward,'” the larger question we have is why a localize an agreement? Interchange fees are interchange fees and the rates in the EU are less than half the fees charged in the U.S. Why are those rates “justified” in countries with sub-par technology and securities issues, when compared with the much higher fees in the U.S.?
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