The purchase of Rapyd Financial
Network (2016) Ltd. (hereinafter „Rapyd“) owns Valitor hf., pursuant to a decision No. 13/2022, Merger
Rapyd and Valitors Ltd., conditions which had rested on Valitor hf. due to
the transfer of the company's prior settlement with the Competition Authority to Rapyd Europe Ltd.,
a local subsidiary of Rapyd. The conditions include, among other things, that Rapyd Europe must
to comply with specified conduct requirements and to maintain a specific structure in their operations
their turn.
Rapyd Europe
requested a review by the Competition Authority of the conditions in question of two
older agreement. That review has now been completed, with the company having made
a new comprehensive settlement with the Competition Authority, based on the two earlier settlements.
In the new
All the substantive conditions from the relevant previous agreements have been consolidated into a comprehensive settlement.
which are still relevant, wording has been updated and additions have been made
a specific article containing definitions of terms. Concurrently with its entry into force
All provisions of the said older agreements which are in force shall be nullified by the new comprehensive agreement.
have on Rapyd Europe, as the provisions that continue to be of significance are set out in the new
the overall settlement.
The two older ones
The revised agreements are, on the one hand, the agreement dated 15 December
2014, between Valitor hf. (now Rapyd Europe) and the Competition Authority, see.
Decision of the Supervisory Authority No. 8/2015, Changes to the organisation and implementation of
payment card market. However, this concerns an agreement, dated 29.
November 2007, between Greiðslumiðlun hf. (later Valitor hf. and now Rapyd
Europe) and the Competition Authority, see decision no. 4/2008 of the Authority, Excerpt
Payment Solutions Ltd., Credit Card Solutions Ltd. and Multi-Payment Solutions Ltd. on prohibition provisions
competition law, as amended by decision no. 34/2008.
Since
The aforementioned agreements were made on certain premises which lay to their foundation.
the basis has changed in such a way that various provisions thereof no longer
translation. The assumptions in question relate primarily to ownership which has
radically changed, by the implementation of the EU regulation on interchange fees and card-related
payments, and to various developments in Rapyd Europe's market environment and other matters
search. In the opinion of the Competition Authority, it is therefore both reasonable and appropriate to cull
satisfaction in the way they have now been drawn together
provisions that still have relevance in a new comprehensive agreement. This creates a clearer framework.
outside the scope of those protective interests which it remains necessary to secure. On those
The foundation is the new framework designed to promote a more efficient
supervision and enforcement of the conditions.
As for the content, it is
the new overall agreement is primarily intended to ensure that Rapyd Europe can
Do not enjoy a competitive advantage in the domestic market(s) for recruitment services.
based on its role as a publishing processor for various major
the country's deposit-taking institutions. Those provisions of the settlement which do not aim at this
The objectives generally relate, in general terms, to strengthening competitive
the foundations of the market in light of Rapyd Europe's aforementioned role in the field
publishing.
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