{"id":99566,"date":"2020-10-28T18:27:50","date_gmt":"2020-10-28T15:27:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/visas-foray-into-fintech-provokes-doj-antitrust-investigation\/"},"modified":"2020-10-28T18:27:50","modified_gmt":"2020-10-28T15:27:50","slug":"visas-foray-into-fintech-provokes-doj-antitrust-investigation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/visas-foray-into-fintech-provokes-doj-antitrust-investigation\/","title":{"rendered":"# Visa’s foray into fintech provokes DoJ antitrust investigation"},"content":{"rendered":"

“# Visa’s foray into fintech provokes DoJ antitrust investigation <\/strong>”
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The U.S. Department of Justice, or DoJ, recently publicized an investigation into Visa’s ongoing acquisition of fintech company Plaid.\u00a0\u00a0<\/p>\n

“Today, the Department of Justice filed a petition in the U.S. District Court for the District of Massachusetts to enforce Bain & Company\u2019s compliance with the department\u2019s Civil Investigative Demand (CID),” the DoJ said in an Oct. 27 public statement<\/a>. Essentially, U.S. authorities have taken legal action to obtain information from\u00a0Boston-based consulting giant Bain & Company on Visa’s acquisition of Plaid.\u00a0<\/p>\n

“On June 11, 2020, the division issued Bain a CID requiring the company to answer interrogatories and produce documentary material, including documents that discuss Visa\u2019s pricing strategy and competition against other debit card networks that may be important to the division\u2019s analysis of the proposed acquisition\u2019s effects. The petition alleges that Bain has refused to produce these documents, claiming a seemingly blanket privilege over almost all of them.”<\/p><\/blockquote>\n

Payments behemoth and credit card provider Visa unveiled its $5.3 billion\u00a0Plaid\u00a0acquisition\u00a0on Jan. 13, 2020. Citizens’ financial lives often require a number of app<\/a>s or platforms, countless transactions, and siloed information. Plaid aimed to\u00a0bridge the disconnect between those platforms and their involved information.\u00a0<\/p>\n

“As alleged in the petition, Bain, a consulting firm, has withheld important documents demanded under the CID, asserting unsupported claims of privilege over the documents, thereby stymying the Antitrust Division\u2019s investigation,” the DoJ statement said.\u00a0<\/p>\n

Makan Delrahim,\u00a0the Antitrust Division’s assistant attorney, noted the importance of such third parties giving pertinent information to authorities. “Too often, third parties seek to flout these requirements,” Delrahim said. The action stands as an accountability play,\u00a0keeping Bain in line with regulatory expectations, while also seeking pressing details surrounding its investigation.<\/p>\n

Earlier this year, following the acquisition’s announcement, Plaid faced at least two lawsuits. The first surfaced in June, alleging Plaid used customers’ information for its own gain. The second legal action came out in July, claiming a breach of privacy requirements.\u00a0<\/p>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Visa’s foray into fintech provokes DoJ antitrust investigation ” The U.S. Department of Justice, or DoJ, recently publicized an investigation into Visa’s ongoing acquisition of fintech company Plaid.\u00a0\u00a0 “Today, the Department of Justice filed a petition in the U.S. District Court for the District of Massachusetts to enforce Bain & Company\u2019s compliance with the…<\/p>\n","protected":false},"author":1,"featured_media":99567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/8979757f-2642-40a4-bc93-5ce62a5c50f4.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[76556,74889,76695,77456,73157,70934],"class_list":["post-99566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-fintech","tag-payments","tag-u-s","tag-visa","tag-investigation","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=99566"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/99567"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=99566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=99566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=99566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}