12-01-2009, 03:27 AM
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Registered User
Join Date: Aug 2009
Posts: 82
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Local Visa firm ICC-Cal could lose license to clear international payments
Quote:
The storm over the fat retirement package given to Israel Discount Bank chairman Shlomo Zohar to convince him to resign nicely is still raging, and now subsidiary Israel Credit Cards-Cal Ltd., which issues Visa cards, is in big trouble. IDB announced yesterday that ICC-Cal is being fined 9 million euros. Visa Europe says it could withdraw the ICC-Cal's permit for international clearing and might even kick it out of Visa.
ICC-Cal subsidiary Cal International clear international online transactions in risky sectors such as Internet gambling and pornography as well as nutritional supplements and drugs.
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Visa International guidelines restrict canceled international online transactions to 2% of the total. It was excessive cancelations for supplement purchases that netted ICC-Cal the fine and warning.
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http://www.haaretz.com/hasen/spages/1128434.html
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