New interchange standard hits Australia

New interchange standard hits Australia
Tags: Bank / Credit Union, Debit / Credit, Distributors / ISO / IAD, EFT Networks, Transaction Processing, Trends / Statistics
November 28, 2005

Finextra: The Reserve Bank of Australia is taking a second look at the interchange standard. Effective Nov. 1, 2006, the bank is enforcing a standard interchange fee for designated Bankcard, MasterCard and Visa credit card schemes in Australia. But at the ATM, interchange won't be affected. RBA did, however, say that current arrangements for access to the ATM system are unnecessarily restrictive, and that ATM owners in Australia should be permitted to direct-charge.