Breach by Greiðslumiðlun hf., Kreditkort hf. and Fjölgreiðslumiðlun hf. of the prohibition provisions of the Competition Act

Following an investigation by the Competition Authority, Greiðslumiðlun hf. (now Valitor), Kreditkort hf. (now Borgun) and Fjölgreiðslumiðlun hf. have reached a settlement with the Competition Authority. The settlement also includes an admission by Greiðslumiðlun that it abused its dominant market position through actions directed at a new competitor (PBS/Kortaþjónustan). The settlements also involve Greiðslumiðlun and Kreditkort admitting to having engaged in long-standing and extensive illegal collusion. Multipayments was partly involved in this. The settlement with Multipayments also acknowledges that the company breached the competition law prohibition on anti-competitive agreements. The companies agree to pay administrative fines for this and to change their market activities and conduct. The fine for Greiðslumiðlun is 385 million krónur, for Kreditkort 185 million krónur, and for Fjölgreiðslumiðlun 165 million krónur.