National Australia Bank took its time working to rectify fund transfers and debit and credit card payments delayed on Monday night. The bank said on Twitter yesterday that "the majority of backlog payments from [Monday were] rectified overnight [on Tuesday] and we're working through the remainder." Regulators in Europe plan to cap merchant fees on credit card and debit card payments at 20 basis points, the Financial Times reports. There will be a two-year transition period. This cap is less than one quarter the level in Australia. ANZ's expansion in Asia is being constrained by the changing regulatory environment, according to the bank's deputy chief executive, Graham Hodges. A report in The Australian said ANZ was concerned that requirements for banks to form subsidiaries rather than branches limited its ability to use the strength of its global balance sheet in the region. Hodges said the bank was concerned about the inconsistent application of new regulations.