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VISA INT'L TELLS COURT RESERVE BANK OF AUSTRALIA EXCEEDED POWERS.
AsiaPulse News, May, 2003
SYDNEY, May 19 Asia Pulse - Credit card company Visa International today began its case against the Reserve Bank of Australia (RBA), saying the central bank had acted outside of its powers when it introduced new standards for the credit card industry in Australia.
In the Federal Court, Visa claimed the RBA had overreached its legislative powers by declaring Visa's scheme a "designated payments system" under the Payments Systems Act.
Visa, along with fellow credit card company Mastercard, are challenging the RBA's decision last April to bring the credit card market in Australia under its regulatory power.
The RBA reforms reduced the interchange fees banks paid to each other to provide credit card transactions, freed up access to the market for new...
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