Retail Groups Urge Credit Swipe Routing Changes
Over 10 years after Congress brought competition to how in-store debit card transactions are processed, the Federal Reserve is finally seeking to clarify that the same rules apply to online debit transactions as well.
READ MORE +Daily Independent: Debit Card Competition has Saved Consumers Billions
It’s been more than a decade since Congress brought competition to the way debit card transactions are processed, limiting Visa and Mastercard’s monopoly and giving a dozen independent processing networks like NYCE, Star and Shazam a chance.
READ MORE +American Banker: Even DOJ, FTC Recognize Debit Card Payment Processing is Broken
READ MORE +Retailers Call on Fed to Finalize Regulations Protecting Debit Card Routing Rights
According to the Merchants Payments Coalition (MPC), a Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem.
READ MORE +NACS Urges Federal Reserve to Protect Routing Rights
NACS filed comments yesterday calling on the Federal Reserve Board to swiftly finalize its proposed clarification that would preserve a retailer’s routing choice on debit transactions.
READ MORE +Big Bank, Merchant Groups Weigh in on Fed Rule Clarification
Big bank and merchant groups weighed in just before a deadline on Wednesday in response to the Federal Reserve Board’s proposed debit rule clarification, voicing sharply opposing views on the proposal’s support for making multiple processing networks available, particularly for online transactions.
READ MORE +Merchants Call on Fed to Swiftly Finalize Proposal to Protect Debit Card Routing Rights
A Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem, the Merchants Payments Coalition said today.
READ MORE +Merchants Call on Fed to Swiftly Finalize Proposal to Protect Debit Card Routing Rights
A Federal Reserve proposal making it clear that merchants can choose which payment networks process their online debit card transactions is needed because major banks and networks continue to interfere with competition for debit business a decade after legislation was passed by Congress to fix the problem, the Merchants Payments Coalition said today.
READ MORE +MPC's Comments on Clarification of the Fed's Regulation II
The Merchants Payments Coalition (MPC) is grateful for the opportunity to provide comment on the Board’s proposed clarification of Regulation II. The language of Regulation II is clear that two unaffiliated networks must be available for all debit transactions, yet for too many years many of the largest issuers have failed to meet that requirement.
READ MORE +Debit Rule Battle Dumps 500-Plus Comments on Fed
The Federal Reserve Board is now awash with 560 comments from payments market participants espousing the pros and cons of a seemingly simple rule clarification proposal on the processing of debit card transactions.
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