pounds and Pakistan Rupees for transfers from the U.K. The companies coordinated in 2017 on exchange rates between U.K. The Financial Conduct Authority has fined Dollar East, Hafiz Bros Travel & Money Transfer Limited and LCC Trans-Sending a total of about $200,000 after the companies confessed to fixing prices for digital transfers in Glasgow. Adyen has bolstered its point-of-sale payments technology over that past year as it expands in the U.S. Klarna, which recently returned to profitability after about four years, has been adding new services in multiple markets as it attempts to recover from a slump that has impacted the entire financial technology market. 'Adyen's financial technology platform combined with Klarna's various consumer offerings will raise the standard of payments and consumer experiences worldwide,' said Pieter van der Does, co-founder and co-CEO of Adyen, in a release. The deal will add payment flexibility and improve processing speed, Adyen contends. Adyen will now serve as Klarna's merchant acquirer, commencing in Europe, North America and Asia in 2024. Swedish lender Klarna has expanded its partnership with Dutch payment processor Adyen, which has long offered Klarna's buy now/pay later product over its network of more than 150 million consumers and 500,000 retail clients. Dick Durbin, D-Ill., and Roger Marshall, R-Kan., are co-sponsoring the Credit Card Competition Act which aims to cut credit card interchange fees for merchants by mandating a lower-cost card-processing option. In the U.S.,the Federal Reserve recently proposed lowering the cap on debit card interchange, while Sens. have cut credit card interchange below 1% in recent years.

Jurisdictions in Asia, Europe and the U.K. Overall, small businesses' interchange fees will decline by about 27% from existing levels, amounting to small-business savings of about $1 billion over five years, the release said.Ĭurrently the average interchange fee for a credit card processed in Canada on Visa's network is 1.4% and some credit cards charge merchants up to 3% per transaction, CBC News reported earlier this year.

Agreements with the card networks, affecting more than 90% of Canada's credit card-accepting businesses, will take effect in the fall of 2024, the release said. The card networks also agreed to adjust their rules so that interchange fees small businesses pay for online transactions will fall by 10 basis points. The Government of Canada has finalized agreements with San Francisco-based Visa and Purchase, N.Y.-based Mastercard to reduce the credit card interchange fees small businesses pay to banks for in-store transactions to 0.95% from about 1.4%, according to a press release on Tuesday.

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