Finance committee  On a switch fee basis, I am confident that we will continue on a low-cost basis and will respect the roots of Interac, and we'll be opening up the books. When you talk about interchange, remember that it's not a revenue for the network. You are right that it's a mechanism that

Finance committee  I think the competitive dynamics that I just described mean that I'm going to need an issuer value proposition in a multi-network environment, and I'm going to have to make sure I have my merchant value proposition. I think it is a reality that we're going to be able to look at c

Finance committee  Are you asking where is the current switch fee or interchange rate in the U.S.?

Finance committee  I believe that interchange rates—now, I'll predicate this that this is my latest belief, I don't know if it's completely up to date—are very similar. The compression is unbelievable on the interchange between STAR, MasterCard debit, and Visa, and you're up north of a quarter a tr

Industry committee  On a switch fee basis, I am confident that we will continue on a low-cost basis and will respect the roots of Interac, and we'll be opening up the books. When you talk about interchange, remember that it's not a revenue for the network. You are right that it's a mechanism that

Industry committee  I think the competitive dynamics that I just described mean that I'm going to need an issuer value proposition in a multi-network environment, and I'm going to have to make sure I have my merchant value proposition. I think it is a reality that we're going to be able to look at c

Industry committee  Are you asking where is the current switch fee or interchange rate in the U.S.?

Industry committee  I believe that interchange rates—now, I'll predicate this that this is my latest belief, I don't know if it's completely up to date—are very similar. The compression is unbelievable on the interchange between STAR, MasterCard debit, and Visa, and you're up north of a quarter a tr

Finance committee  Not from the network level, no. Those points programs and so forth are the purview of the issuing bank and how it deals with its customer base. You are correct that in other jurisdictions around the world, the United States being a prime example, when you look at Visa or Master

Finance committee  In the debit market and under our current association model governed by the consent order, yes, the consent order does allow the interchange fee to be set by the Interac Association board, if there's a majority vote to do so. It's currently set at zero and has always been kept at

Industry committee  Not from the network level, no. Those points programs and so forth are the purview of the issuing bank and how it deals with its customer base. You are correct that in other jurisdictions around the world, the United States being a prime example, when you look at Visa or Master

Industry committee  In the debit market and under our current association model governed by the consent order, yes, the consent order does allow the interchange fee to be set by the Interac Association board, if there's a majority vote to do so. It's currently set at zero and has always been kept at

Finance committee  You'd have to specifically talk to each of the banks. It depends on which aspect. Are you specifically asking about cardholder choice or merchant choice, because there are differing views as to what constitutes cardholder choice, as we've heard. You heard from the Bank of Montrea

Finance committee  There are certainly segments of the consumer base who have no understanding of networks and what they mean—this Visa card versus that Visa card, or Interac. But there are different terms and service features ascribed to these products. In debit we're not cognizant, because our hi

Finance committee  We don't have it in any efficient fashion, given the governance challenge, the consent order prescriptive rules around everything from voting levels and areas in which we.... The switch fee is one of the only ways to raise fees. It's really about putting in place an independent b