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Israel: Antitrust head demands credit card overhauls

By  |  August 27, 2013
Israel: Antitrust head demands credit card overhauls

In efforts to boost credit card competition, the head of Israel’s Antitrust Authority David Gilo announced demands for Automated Banking Services Ltd. to alter its operations and allow new entrants into its systems cheaper and more easily.

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    ABS is crucial for the functioning of the nation’s credit card industry, say reports. Following a review of the market, the watchdog found that a major barrier to entry into the market was the difficulty of connecting to the ABS systems. Now, Gilo says he will require ABS to reduce costs and alter practices to allow new competitors in; the changes must be made in the next two years.

    Reports say, however, that the remedies will not fully open the market as the Bank of Israel has recently set strict conditions for new credit card clearers.

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