EU opens antitrust probe into e-payment market

European Union antitrust regulators are investigating whether a group of banks --including Deutsche Bank, HSBC and Spain's BBVA -- is blocking new players from entering the European online payments market.

The European Commission opened an investigation into the standardization process for e-payments by the European Payments Council (EPC), saying the move was prompted by a complaint. It did not identify the complainant. "Standards promote interoperability and competition, but we need to ensure that the standardization process does not unnecessarily restrict opportunities for non-participants," EU Competition Commissioner Joaquin Almunia said. The Commission said the exclusion of new players and payment providers not controlled by a bank could result in higher prices for web merchants and consumers.