I am rather skeptical about voluntary codes. We have one in this country regarding debit cards, which is mostly observed in the breach, and nobody knows about it.
I believe we need a clearer, firmer framework, but as Ms. Meredith mentioned, we also need the infrastructure to support the new payments.
There was an informal consultation done last fall on the implementation of a faster payments mechanism in Canada. All of the stakeholders and the users said we need this, and we want it in this country. The only stakeholders who were reluctant were the incumbent providers, essentially the bankers, because they do not see a short-term business case. The consequence is that the negative externalities are borne by everybody. In order to....