The CP stated that the Board has received complaints and that the application will be assessed in the near future. But Swedbank has not yet commented.
Monea spokesperson Martins Kalnins pointed out that "Monea" in the application requests the CC to initiate an alleged violation of the prohibition in Article 13 of the Competition Act in the activities of Swedbank and to impose liability for abuse of a dominant position in the find an infringement.
He explained that the daily operation of "Monea" should be able to ensure successful cooperation with commercial banks, so that banks are essential partners. Since its inception, the company has worked with four major commercial banks in Latvia – Swedbank, Citadele banka, SEB banka and Luminor Bank in Latvia. "Since all the above banks provide identical services to Monea, we have a great opportunity to compare and evaluate the differences between the prices applied by the four banks," Kalnins said.
Kalnins emphasized that Swedbank increased its service costs by 22 times compared to other banks. At the same time, the price of one transaction from the Latvian branch of Citadele banka, SEB banka and Luminor Bank is decreasing. "It is normal commercial practice that, as the number of transactions in a particular business area increases, transaction costs do not increase proportionally, as is well demonstrated by collaboration with other banks. Swedbank, despite the significant increase in the number of contacts between Monea and the banking systems, has increased the rate about 22 times compared to 2017, for which there is no objective justification, "admitted Kalniņš.
Since Monea uses the same services in all four banks, Kalnins pointed out that all four banks had the same responsibilities and risks in the maintenance of Monea. All four commercial banks are also subject to the same regulatory framework. Moreover, Monea itself has a duty to minimize the risk of money laundering and terrorist financing. Account must also be taken of the fact that Monea (as in the case of banks), as a licensed payment institution, is supervised by the Financial and Capital Market Commission (FCMC), which has both verified and licensed the operation of Monea has coordinated its risk management procedures. .
As Kalnins acknowledged, the risk of banks, including Swedbank, in collaboration with Monea due to the risk of money laundering and terrorist financing is the same as for the other three banks. So, in Monea's opinion, there is no objective reason why Swedbank should set Monea as a high commission.
The Monea Payment app is a pay-per-view application that allows you to claim small amounts of money and transfer between private bank accounts with different banks in less than a minute and at a lower cost, and with which you can enter someone else's phone .
"Firmas.lv" information shows that "Monetizator" worked in 2017 with a turnover of 22,272 euros, which is 4.7 times more than in 2016, but the losses decreased 1.7 times and amounted to 270 520 euros.
The company was registered in December 2013 and has a share capital of 5648 euros. The owners of Monetizator are risk capital manager "Expansion Capital Fund AIF" (25.18%), "Nule 19" (18%) owned by Armands Garkans, Mārtiņš Kalniņš (15.44%), Ance Kalniņa (14, 36%) , "CCINV005" owned by Callidus Capital (10%), Mārtiņš Bērziņš (8.45%), Gatiks Kokins owns SIA "Apoga konsultācijas" (8.36%), SIA "QIX" (6)% "Event Works" ( 2.14%) and "D8 Corporation" Ltd.