IMGCAP(1)]
EuroCommerce, a trade group for Europe's retail, wholesale and international trade sectors, is accepting the provisions for interchange rates on direct debit that the European Parliament approved this week. However, the group stresses that its continued approval is contingent on the banking sector meeting the long-term goal of removing interchange on direct debits as of November 2012. The updated rule states that interchange on cross-border direct debit cannot exceed 8.8 cents for three years. After November 2012, no interchange should be applied to direct debits, regardless of whether they are domestic or cross-border, according to a statement from the European Commission and the European Central Bank. "This is not a three-year free lunch for the banking sector," says Xavier Durieu, EuroCommerce secretary general. "We trust and ensure that banks will respect the rationale of these amendments."
