Visa is being investigated by the European Commission in regards to how it treats FinTech companies in its network.
The regulator is looking into the company after raising concerns that Visa may have problems identifying fraud and money laundering, according to industry insiders speaking with The Times.
Visa is reportedly also facing allegations of anti-competitive behaviour from the companies it has worked with.
For instance, payment provider Euronet filed a lawsuit against Visa at the end of 2019, accusing the company of breaching competition rules in Poland, Greece and the Czech Republic with ATM access rules.
A spokesman for Visa said: “We are working with a wide variety of FinTechs and startups to provide them open access to our global network. We welcome new solutions and new ways for people to make electronic payments and for merchants to accept them, subject always to delivering the security and convenience that our customers expect from Visa.”
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