card transactions

International payments solutions provider Clear2Pay entered into agreement with the Commonwealth Bank of Australia to provide it with its Open Payment Framework. The OPF will allow the bank to implement its Unified Payments Capability program.

As the CBA explains, the Unified Payments Capability program is aimed at incorporating its payment processing into one central technology while including both retail and wholesale payments. The program’s prime focus is on online card related transactions.

Visa Europe expects reaching an agreement with the European Commission (EC) concerning interchange fees charged for cross-border card transactions by the end of the year.

Its known that Last March the EC started investigation of interchange fees charged by Visa Europe regarding price fixing usage as forbidden restrictive business practices.