Press release - Greiðslumiðlun [VISA Iceland], Kreditkort [MasterCard Iceland] and Fjölgreiðslumiðlun [jointly owned netting system] admit to non-compliance with the Competition Act
Will pay a combined total of ISK 735 million (approx. Euros 7.9 million)
Following an investigation by the Competition Authority, Greiðslumiðlun hf. (now Valitor), Kreditkort hf. (now Borgun) and Fjölgreiðslumiðlun hf. have concluded a settlement with the Competition Authority. According to the terms of the settlement, Greiðslumiðlun admits to having abused its dominant position in the market by taking actions which targeted a new competitor (PBS/Kortaþjónusta). In the text of the settlement, Greiðslumiðlun hf. and Kreditkort hf. also confess to having engaged in long-standing and extensive collusion. Fjölgreiðslumiðlun was partly involved. The settlement with Fjölgreiðslumiðlun includes an admission that the company violated the ban in the Competition Act on anti-competitive practices by associations of undertakings. As a result, the three undertakings have agreed to pay administrative fines and change their business practices and conduct in the market. Greiðslumiðlun will pay a fine of ISK 385 million (approx. Euros 4.1 million) , Kreditkort will pay ISK 185 million (approx. Euros 2.0 million), and Fjölgreiðslumiðlun ISK 165 million (approx. Euros 1.8 million).