Finance committee  That is correct. That is fully under the control of the owner of the premises, the way they want to architect their RFP and architect their strategy for their premises.

Finance committee  I wouldn't have purview to enough of the merchant-specific RFPs to answer definitively. If you look at the market and you look at our members and where their machines are deployed, it seems to indicate that it is certainly open to full competition, because you have many of these

Finance committee  Personally I've never seen them myself, either. I think you're right that it depends on the premises. If you talk to a white label operator, they will say each set of premises has a different business case for the machine. At some machines you have 200 to 300 transactions per mon

Finance committee  On the surcharge fee, no. I think the relevant point is that what we're talking about here is the element of being “forced”. As I mentioned, consumers are increasingly voting with their feet, and that's indicative of a competitive market. They are going to cash-back—64% of our

Finance committee  Thank you, Mr. Chair. Good morning, ladies and gentlemen, members of the committee. Good morning, and thank you for this opportunity. Although the hearings to date have focused more on credit card issues, I am here to talk about the evolution of the debit market. This is an i

Industry committee  Thank you, Mr. Chair. Good morning, ladies and gentlemen, members of the committee. Good morning, and thank you for this opportunity. Although the hearings to date have focused more on credit card issues, I am here to talk about the evolution of the debit market. This is an i

Finance committee  —and the payment processors and financial institutions, there is a broad consensus that against the backdrop of a rapidly changing marketplace, Interac must also change. Our current association and cost recovery structures are outdated and are not sustainable. Since 1996, we've o

Industry committee  —and the payment processors and financial institutions, there is a broad consensus that against the backdrop of a rapidly changing marketplace, Interac must also change. Our current association and cost recovery structures are outdated and are not sustainable. Since 1996, we've o

Finance committee  Thank you.

Finance committee  Thank you. As I was saying, preserving Interac requires greater investment in infrastructure and innovation. This does mean changes to the pricing system for Interac products in a manner that meets the needs of the business but also respects our strategy of being a low-cost prov

Industry committee  Thank you.

Industry committee  Thank you. As I was saying, preserving Interac requires greater investment in infrastructure and innovation. This does mean changes to the pricing system for Interac products in a manner that meets the needs of the business but also respects our strategy of being a low-cost prov

Finance committee  So you are correct in your first assertion that even under the association model, interchange is currently set at zero. Under the consent order, a majority vote of the board could change that rate, but I think that underscores that we're going through this restructuring, because

Industry committee  So you are correct in your first assertion that even under the association model, interchange is currently set at zero. Under the consent order, a majority vote of the board could change that rate, but I think that underscores that we're going through this restructuring, because

Finance committee  With respect to priority routing--does everyone understand priority routing? Priority routing starts with the financial institution that issues the debit card. If a financial institution chooses to offer two competing networks on the same debit card, the financial institution ca