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Six months after interchange regulation: have card products changed?
First Annapolis has been closely monitoring the product offerings of the top issuers in several European markets in order to gauge issuers’ reactions to the interchange decreases that went into effect in December 2015 (see Figure 1). Issuers’ immediate responses to reduced interchange revenues included rationalizing their product set, reducing rewards, and increasing APRs and [...]
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Wells Fargo smashed by regulator over secret accounts – record fine
Wells Fargo has been taken to task by the US consumer finance watchdog’s largest ever fine after the regulator found staff racing to meet sales targets illicitly opened millions of accounts without customers’ knowledge. Thousands of employees at the world’s most valuable bank may have opened more than 2m deposit and credit card accounts across [...]
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Fourth Anti-Money Laundering Directive and revised Wire Transfer Regulation
On the 25 June 2015, a new package of EU Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) legislation came into effect with the adoption of the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) and the revised Wire Transfer Regulation (Council Regulation (EU) 2015/847) (WTR2)). Initially, EU Member States were going to be required to transpose [...]
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Mastercard faces £14 billion anti-competitive card fees claim
A £14 billion legal claim has been filed against Mastercard on behalf of UK consumers seeking damages for anti-competitive card fees. In 2014, the European Court of Justice ruled that regulators were right to condemn the cost of its interchange fees – the fees retailers pay banks to process card payments – according to the [...]
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Card payments worldwide set to increase 55% to 417 billion
According to Global Payment Cards Data and Forecasts to 2021, the total number of card payments worldwide increased by 15% in 2015 to 270 billion, almost double the 8% rise in card numbers. The research indicates that consumers around the world are increasingly turning to cards to make purchases. In Thailand, for example, a central [...]
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