Finance committee  May I give my colleague a chance?

Finance committee  It's actually called the Interac e-mail money transfer service, and they use a thing called suspense accounting. So when one bank consumer pays at his bank, the other bank floats that suspense account and puts the money into the other person's account when he receives the money.

Finance committee  They target us through the billers who use our service. So if GPAY, Telus, Fido, or any of those companies wanted to come, the discussion goes to the point where they talk to the bank, and then we get the same answer as we had from Peter, from Mr. Woolford. It's that simple. That

Finance committee  No.

Finance committee  Yes.

Finance committee  We charge the merchant or online biller a percentage fee, depending on whether it's a per-transaction fee, a discount rate, or whatever fee. It depends on the category.

Finance committee  And this is the typical response from a bank, once a client has talked to the bank.

Finance committee  I understand. If you actually look at what's going on with the Internet, there's a new technology coming on that you might have heard about. It's called Web 2.0. This technology is about giving clients a central access. For example, Royal Bank has invested in CashEdge to the tu

Finance committee  Well, the banks are doing what we've done with their own service, called CashEdge and Yodlee. They're doing the same thing as we're doing, but at a more extreme level by storing it.

Finance committee  Can you repeat the question? So are you saying the banks are out doing this as well and you don't understand?

Finance committee  Correct. They store that.

Finance committee  Yes, but it's the same as when a parent gives a child the debit card and says, “Here, I don't have time to go to the bank machine or pay for that. I'll give you the credit card and here's the PIN.” Nobody stops them from doing that. And that's the same thing we are doing here. It

Finance committee  The way it works, step by step, at a high level, is that we act on behalf of the client or the consumer when they make the payment. So we act as their temporary agent to sign onto their online banking account and actually fill in all the data, those 17 steps that most people can'

Finance committee  Thank you, Mr. Chairman. Before I begin, I'd like to introduce my partner Brian Crozier, our VP of business development. Thank you for giving us the opportunity to appear before the House of Commons Standing Committee on Finance. We hope we are able to provide you with the info