We are strong believers that this industry needs to be regulated, and part of that is that the ultimate beneficiaries of interchange are the banks and to some limited degree, cardholders, although the banks are the primary beneficiaries. But they don't negotiate on their own behalf. They are basically cutouts, which are the networks that set the rate for what the banks receive. There are only two to deal with, and one of them has almost 70% of the market. You can read into that what you will.
On your broader point, we agree. The trouble is on the technology side. It's a kind of Tower of Babel. There are a lot of different solutions out there, and a number of entities are looking to say they can cut out some of those price-takers along the way. Of course, some of them are the same entities because the investors in them may be financial services firms.
I think there is some possibility down the line, particularly if you have decent digital identification and authorization, to do many more direct transfers without a lot of intermediaries, but people aren't there yet.