Finance committee  How would their experience be better if Interac...?

Finance committee  So the first change is just the restructuring of Interac in order for it to be able to compete and continue to be there for consumers. I think consumers over the past 20 years have come to rely on it, and in some respects debit in Canada has been a love affair with Interac. So I think it's important that our viability be continued.

Industry committee  The driving force is to survive, and to survive on the behalf of merchants, consumers, and the entire marketplace. The viability of Interac is a benefit to the marketplace. We're seeing it even today with how Visa and MasterCard are operating to try to penetrate this marketplace.

Industry committee  My main motivation is ensure that Interac survives as a viable choice for merchants, consumers, and issuers in this marketplace. The success that you're talking about and the consent order was enshrined about 15 years ago in a very different marketplace. Visa and MasterCard have proven in almost all jurisdictions around the world that they take over the market at the expense of the domestic debit provider, usually because that debit provider is hindered in these ways.

Finance committee  The driving force is to survive, and to survive on the behalf of merchants, consumers, and the entire marketplace. The viability of Interac is a benefit to the marketplace. We're seeing it even today with how Visa and MasterCard are operating to try to penetrate this marketplace.

Finance committee  My main motivation is ensure that Interac survives as a viable choice for merchants, consumers, and issuers in this marketplace. The success that you're talking about and the consent order was enshrined about 15 years ago in a very different marketplace. Visa and MasterCard have proven in almost all jurisdictions around the world that they take over the market at the expense of the domestic debit provider, usually because that debit provider is hindered in these ways.

Industry committee  This is what I meant in my opening remarks, as we've consulted and we've learned from history. Unfortunately, the STAR Network and the NYCE network decided they were going to play a price-matching game with respect to interchange with Visa. They were different from Interac, however.

Industry committee  You are correct, we settle through the Canadian Payments Association and we believe that the rules framework and a fully Canadian settlement option meets our needs. It's important for the debit system that we operate here in Canada. Our items are safe and secure and in Canada.

Industry committee  Again, the testimony was confusing, but I do believe that, yes, they settle through the United States and the bank balance sheets therein.

Industry committee  I want to reiterate that I'm not prescribing a solution, legislated or otherwise, but if the marketplace either doesn't step up and follow our lead for transparency, choice, and the same rules for all three competitors in this market, and if Interac is not allowed to change its internal structure, then we will go the way of the STAR Network, the NYCE network, and so forth in the United States.

Industry committee  As I said at the outset, the commitment that we are here making and willing to enshrine is that we will open our books on the revenues and costs of these lines of business to the Department of Finance, or to the government, to ensure that my statements about being a low-cost provider are not hollow.

Finance committee  This is what I meant in my opening remarks, as we've consulted and we've learned from history. Unfortunately, the STAR Network and the NYCE network decided they were going to play a price-matching game with respect to interchange with Visa. They were different from Interac, however.

Finance committee  You are correct, we settle through the Canadian Payments Association and we believe that the rules framework and a fully Canadian settlement option meets our needs. It's important for the debit system that we operate here in Canada. Our items are safe and secure and in Canada.

Finance committee  Again, the testimony was confusing, but I do believe that, yes, they settle through the United States and the bank balance sheets therein.

Finance committee  I want to reiterate that I'm not prescribing a solution, legislated or otherwise, but if the marketplace either doesn't step up and follow our lead for transparency, choice, and the same rules for all three competitors in this market, and if Interac is not allowed to change its internal structure, then we will go the way of the STAR Network, the NYCE network, and so forth in the United States.