The e-transfer flat-rate fee to be introduced in 2025 will encourage new entrants onto the e-transfer platform due to a lower entry cost for e-transfer.
There are a number of different methods that fintechs can access to enable their service. I think the possibilities and opportunities for fintechs are there for them. They have the ability to really focus on what the value proposition is for consumers and businesses in order to adopt that technology.
The second thing I'd say is that we have 230 participants. There are about 100 million transactions a month being processed on e-transfer. Clearly, the 230 participants see that as a valuable way to move money. We don't want to lose that. We want to ensure that all 230 participants still believe this is a good way to support their value propositions to customers and don't switch it to another rail, which they absolutely can.
We will be competitively priced to ensure that happens. The flat-rate fee will enable the 230 participants, I hope, to stay with the system and will enable us to broaden access to increase the number of direct participants.