The Commerce Commission has reached separate agreements with seven financial institutions settling the Commission’s claims that they breached the Commerce Act, and ushering in a new competitive landscape for the credit card industry in New Zealand.

The agreements with the financial institutions follow settlements reached in August with Visa and MasterCard that paved the way for interchange fees in New Zealand to be set by competition. The institutions that have reached settlements with the Commission are: ANZ National, ASB, Westpac New Zealand Ltd, Bank of New Zealand, Kiwibank/New Zealand Post, TSB Bank, and The Warehouse Financial Services Limited.