The banking industry's proposed rules for clearing ATM and EFTPOS transactions have been rejected by the Australian Competition and Consumer Commission
In a draft determination on the banks' authorisation* application, the ACCC said the proposed rules were 'substantially incomplete' in terms of the standards and procedures necessary for the effective clearing and settlement of debit card transactions generated within the two networks.
"However, the ACCC has indicated that the proposed rules, with appropriate further development and amendment, would be likely to result in net benefit to the public so that authorisation may be granted," ACCC Chairman, Professor Allan Fels, said today.
"Such industry-wide arrangements to the ATM and EFTPOS networks would build on the access undertakings which were an important part of the ACCC's decision not to oppose the proposed Westpac/ Bank of Melbourne merger.
"The ACCC obtained access undertakings in that proposed merger to ensure that Victorian customers of deposit taking institutions carrying on business in Victoria could use the Westpac group's ATM and EFTPOS facilities at a reasonable price."
In a draft determination on the banks' authorisation* application, the ACCC said the proposed rules were 'substantially incomplete' in terms of the standards and procedures necessary for the effective clearing and settlement of debit card transactions generated within the two networks.
"However, the ACCC has indicated that the proposed rules, with appropriate further development and amendment, would be likely to result in net benefit to the public so that authorisation may be granted," ACCC Chairman, Professor Allan Fels, said today.
"Such industry-wide arrangements to the ATM and EFTPOS networks would build on the access undertakings which were an important part of the ACCC's decision not to oppose the proposed Westpac/ Bank of Melbourne merger.
"The ACCC obtained access undertakings in that proposed merger to ensure that Victorian customers of deposit taking institutions carrying on business in Victoria could use the Westpac group's ATM and EFTPOS facilities at a reasonable price."