Fintechs have a variety of options they can deploy. Around the world, you see a lot of fintechs using the electronic funds transfer rail. They provide products on it to enable direct connection to bank accounts.
E-transfer is a prominent payment system. We take that responsibility very seriously. We want to mediate the oversight expectations of the Bank of Canada. We want to be careful to ensure the integrity of the system. A payment network is only as good as the trust in it. I think Canadians trust e-transfer. They use it as a verb—“I'll e-transfer you”. The trust really exists, but if payments get lost or scammed or if there is fraud, there will be a rapid deterioration in trust and people will stop using e-transfer.
We really need to ensure that any participant directly connected to e-transfer has all of the necessary skills and capabilities and meets the expectation that a prominent payment system deserves.