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Canada nears agreement on lower credit card fees
Joe Oliver, the Canadian Finance Minister, is said to be pressing credit card companies and banks to accept lower credit card fees paid by retailers, which the government claims are among the highest in the world, according to two people familiar with the talks. The government, which flagged the issue in its 2014 budget, wants MasterCard and Visa to [...]
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Retailers welcome ruling on card fees
UK retailers have today welcomed an historic court ruling to end card fees retailers pay banks to process card payments (known as interchange fees). Today’s judgement by the European Court of Justice comprehensively and decisively supports retailers’ decade-long campaign for a reduction in card fees, which cost, the retailers argue, “UK businesses £1 billion a [...]
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US Federal Reserve moves towards faster payments
Federal Reserve banks in the US are moving ahead with plans to implement a faster payments system in order to improve the country’s payment infrastructure. The Federal Reserve banks are planning to publish a roadmap in the coming months, having released a consultation paper in September 2013 soliciting comments on gaps and opportunities in the [...]
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Bitcoin could be considered legal tender in Australia
Australia’s tax commissioner has indicated that the bitcoin digital currency could be considered legal tender in the country. Several countries around the world are struggling over whether to classify bitcoin as a currency or as a commodity. Speaking at an event last week, the Australian tax commissioner, Chris Jordan, stated there was a push by [...]
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UK urges Russian expulsion from Swift
The UK government is to urge European Union nations to expel Russian banks from the Swift financial messaging network, amid rising tensions over the crisis in Ukraine. UK prime minister David Cameron is to table a motion on Russian access to Swift at a meeting of EU leaders in Brussels. According to media reports, the [...]
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