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This article was published on September 26, 2011

    European antitrust probe launched into big banks in the online payments market

    European antitrust probe launched into big banks in the online payments market
    Martin Bryant
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    Martin Bryant

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    Martin Bryant is founder of Big Revolution, where he helps tech companies refine their proposition and positioning, and develops high-qualit Martin Bryant is founder of Big Revolution, where he helps tech companies refine their proposition and positioning, and develops high-quality, compelling content for them. He previously served in several roles at TNW, including Editor-in-Chief. He left the company in April 2016 for pastures new.

    The European Commission has launched an antitrust investigation to examine whether large players in Europe’s banking sector are prohibiting other companies from entering the online payments market.

    As Reuters reports, banks including Deutsche Bank, HSBC, Banco Santander, Barclays Bank, Credit Agricole and Intesa Sanpaolo stand accused via a formal complaint to the European Commission, of blocking newcomers to the market through the practices of the European Payments Council, which wants to standardize the process for making e-payments within Europe.

    The European Commission isn’t saying who filed the complaint, but argues that if new players not tied to European Payments Council member companies are blocked from entering the market, it could drive up prices for customers and merchants across Europe.

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