Exemption for cooperation between payment service providers on the development of a solution for non-conformity with standards

The Competition Authority has today authorised Valitor, Borgun and KORTA to enter into a limited partnership to develop a solution for the use of payment cards in e-commerce transactions in Icelandic krónur. The aim of the collaboration is to develop a procedural solution that can resolve the discrepancy in the number of decimal places between the standards of the international card schemes, on the one hand, and the so-called ISO 4217 standard on the other.

The Competition Authority has set specific conditions for the collaboration, which are primarily intended to ensure that it remains within the framework dictated by its purpose and that the solution will be accessible to all data controllers, wherever in the country they operate.