I think during your hearings on this issue you had an acknowledgement from a board member of Interac. I don't know if they used the word “dominant”, but they acknowledged that they were the principal player in this space, in terms of e-transfers in Canada.
In terms of how to enhance competition in the payment space or the transfer space, there are several things that would certainly go a long way to aiding in achieving that objective. The implementation of real-time rail, with open access to use the real-time rail system with fair and level pricing, would certainly enhance competition in this area, it would appear.
The implementation of open banking or a consumer-driven banking framework would also facilitate more competition in the banking area generally and perhaps give fintechs more of a toehold in the payment area.
I think what this committee is doing is the third piece, which is parliamentarians scrutinizing the financial sector for competition issues much more closely and on a regular basis to see what sort of changes could be brought about by you and your colleagues, sir.