Visa International has sorted out, to an extent, its long running legal wrangle with Commerce Commission in New Zealand over interchange fees.The ComCom yesterday advised, in a media release, that it settled the dispute with Visa. Legal action against Visa's affiliated banks continues for now, however. Litigation against MasterCard will also continue. Hearings in those cases are scheduled for October.Visa, and thus its affiliated banks, agreed to reform the administration of credit card interchange fees on a model similar to that introduced in Australia six years ago.Visa will set a maximum level of interchange and Visa will publish this rate. Bank will be able to agree on lower rates (not that this is likely).Merchants will be free to surcharge credit cards and will also be able to encourage customers to pay by other means.Visa will also allow non-bank entities to join its network and acquire payment transactions.