Finance committee  It should be a living document. As I said earlier it's a pragmatic solution. I think it's done well. The FCAC oversees it and has made some adjustments in clarification from time to time. We certainly firmly believe it should be extended to the mobile environment. A draft mobile

Finance committee  It depends on the product. Our international product would be our cross border debit, where you could use your card in the States. A number of financial institutions offer that feature. You would be using your card, today, as a “mag stripe” transaction, at a point of sale termina

Finance committee  Just very briefly, our products access people's money in their bank accounts. Security is paramount to us so that people feel confident they can use these products and solutions. So our governance framework and our policies that I alluded to earlier, our certification, all of it,

Finance committee  What I would say is that when we look at solutions, we certainly look at solutions with privacy-minded security, and I'll give a couple of examples. Interac Online, which is our online e-commerce solution, is actually done through web banking. The merchant actually doesn't get an

Finance committee  The pricing structure for my competitors' credit products as well as their debit products is different, and I can't speak to how they price them and how the issuers then price them. I can speak to how we price ours. At the end of the day there is one fee, a low-cost switch fee—0.

Finance committee  The code of conduct is really a pragmatic solution to, I think, a lot of market problems that were happening a few years ago, from disclosure by merchants to being able to understand their contracts to.... I talked earlier about the honour all cards rule between credit and debit.

Finance committee  I believe there's actually a step in between, and I think that would work, especially with mobile. I think we've all sort of alluded to it. There is a draft mobile addendum that sits with the code of conduct, which would, hopefully, address some of the issues within the mobile en

Finance committee  It is. It's a real-time good funds model. So when a customer goes to a terminal, they put the card in the terminal and do the transaction. The transaction goes through our network to the issuer and then comes back through there. So the issuer sees every transaction and it's appro

Finance committee  I'll start by saying that we've always advocated for a strong, competitive marketplace, so we're not opposed to competition. Bring it on. We think we have a great value proposition to offer all of the stakeholders: issuers, acquirers, merchants, and consumers. We understand the

Finance committee  Well, what the government did with the code of conduct that I mentioned in my opening comments, is it gave merchants some degree of power. One of the few jurisdictions in the world where the honour all cards rule.... You may have heard of that. If you accept a—

Finance committee  What the code says is that if you accept a credit product, you don't have to accept a debit product. So it split that, which gives merchants some power to say no to an acquirer network that comes knocking at the door saying “accept our other debit product”. So that's a power they

Finance committee  Do you mean disputes in terms of a transaction, a customer—

Finance committee  Any dispute would be handled through the financial institution's complaint handling process, and all the financial institutions have pretty robust complaint handling procedures. So if there are any issues, those would be handled through that channel.

Finance committee  No, we're still in the rollout stage in mobile. If you're looking at fraudulent transactions, a couple of years ago the Canadian Code of Practice for Consumer Debit Card Services, which is overseen by the Financial Consumer Agency.... That's a voluntary code, although the financi

Finance committee  The Financial Consumer Agency of Canada monitors those, so if it escalates to a certain level—level 2—those are reported to the FCAC for oversight, as well there are ombudsman and third-party dispute resolution processes as part of the FI's complaint handling.