Visa Europe (“Visa”) offered further commitments in response to the Commission’s supplementary Statement of Objections (“SSO”), issued in July 2012, concerning Visa’s inter-bank fees for credit card payments in the EEA. In the SSO, the Commission expressed concerns in particular on (i) the rules on ‘cross-border acquiring’ in the Visa system, which oblige banks to apply the inter-bank fees of the country where the merchant is located even if the fees in their home country are lower; and (ii) that all inter-bank fees set and implemented by Visa for transactions with consumer credit cards in the EEA currently apply to international and cross-border transactions in the EEA, as well as to domestic transactions in ten EU Member States or EEA countries. These inter-bank fees are paid by merchants’ banks (acquirers) to cardholders’ banks (issuers) for transactions with Visa’s consumer credit cards. To remedy the Commission’s concerns, Visa offered commitments for a period of four years. As regards cross-border acquiring, Visa proposes to reform its system to enable banks to apply a reduced cross-border inter-bank fee when they compete for clients cross-border. As to inter-bank fees, Visa offered to cap its multilateral interchange fees (“MIFs”) for credit card payments at 0.3% of the value of the transaction for cross-border and domestic transactions (a reduction of about 40-60%). If the result of the market test is positive, the Commission may adopt a decision making the commitments legally binding on Visa. The Commission has already in 2010 accepted binding commitments from Visa in respect of its consumer debit card MIFs. Source: Commission Press Release 14/5/2013