Finance Committee on March 22nd, 2007

[Doug Kreviazuk]

Actually, that's a prime example of what's happening in the United States as well. Much of the development in front-end applications for payment services is being developed generally in conjunction with financial institutions, but being brought to market by third-party systems. It's a value-added service.

What that type of notification will do—and it's something we've not talked about here today—is let us at the CPA effectively ensure through the clearings that this biller has the funds next day.

The problem is not getting the funds to the biller; it's what the biller does with those funds to credit the accounts and reconcile them with individual account holders. Some small, unautomated biller may in fact take two or three days to credit those accounts, but I'm assured that the biller has the funds.

[John McKay, Liberal, Scarborough—Guildwood, ON]

Well, all billers are not created equal—

[Doug Kreviazuk]

That's true.

[John McKay, Liberal, Scarborough—Guildwood, ON]

—and I'm sure it's true that there are some billers who would not be prepared to put in the software to accommodate that.

But large billers—the City of Ottawa, Hydro-Québec, whatever—certainly would find it very attractive to know that the moment the money is removed from Mr. St-Cyr's account is the moment they get the credit, and it automatically gets credited to Mr. St-Cyr's account.

Anyway, thank you, and thank you, Chair.

[The Chair, Conservative, Brian Pallister]

Thank you very much. I appreciate your participation in today's hearings.

We are adjourned.