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Industry committee  We charge the acquirer 0.8¢ to process the transaction. Of course, the acquirer has a contract with that merchant and provides other services in processing and the terminal that sits on the point of sale at the merchant location. We're part of their operating costs. They would ha

June 16th, 2009Committee meeting

Mark O'Connell

Industry committee  In answer to your first question, our fee to the acquirers is less than a cent; it's 0.8¢. That's charged to the acquirers. And no, the issuers don't receive royalties from the point of sale transaction.

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  We're mandated under a cost recovery basis. Our flat-rate switch fee increases or decreases on an annual basis based on the operating costs and needs of the network in any given year. For example, historically, our fee has vacillated only from 0.4¢ to 0.8¢, and it depends on the

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  As I was saying on the priority routing issue, when you have two competing networks on the same card, it does raise some issues of transparency and choice for the consumer. I would agree with you. I think it's interesting that neither MasterCard nor Visa allows each other's appli

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  It's stronger than that. When I joined Interac two years ago, and we started the conversations with the Competition Bureau shortly thereafter, Visa and MasterCard were in the process of entering the Canadian debit market. They are here. There are over one million cards.

June 16th, 2009Committee meeting

Mark O'Connell

Industry committee  We're mandated under a cost recovery basis. Our flat-rate switch fee increases or decreases on an annual basis based on the operating costs and needs of the network in any given year. For example, historically, our fee has vacillated only from 0.4¢ to 0.8¢, and it depends on the

June 16th, 2009Committee meeting

Mark O'Connell

Industry committee  As I was saying on the priority routing issue, when you have two competing networks on the same card, it does raise some issues of transparency and choice for the consumer. I would agree with you. I think it's interesting that neither MasterCard nor Visa allows each other's appli

June 16th, 2009Committee meeting

Mark O'Connell

Industry committee  It's stronger than that. When I joined Interac two years ago, and we started the conversations with the Competition Bureau shortly thereafter, Visa and MasterCard were in the process of entering the Canadian debit market. They are here. There are over one million cards.

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  To your first question, you're right, we're like a wholesaler, so we provide a fee to the acquirer, who then adds other services. We're an operating cost to them--and you're right, it does reach the merchants. I am not here to prescribe legislative remedies or any prescriptive

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  We are, as you know, in discussions with the bureau on restructuring ourselves internally so that we have the same capabilities as our competitors. But the second is that we need to ensure that consumers and merchants are making overt and open, informed choices in the marketpla

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  Yesterday.

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  We are. They take their statutory duty to protect the interests, but--

June 16th, 2009Committee meeting

Mark O'Connell

Finance committee  I've been very open as to our governance challenges and the challenges of any association model where an organization is governed by its very users. It's tremendously difficult to gain consensus, and it moves at the pace of the slowest. I think it's important to note that the boa

June 16th, 2009Committee meeting

Mark O'Connell

Industry committee  Yesterday.

June 16th, 2009Committee meeting

Mark O'Connell

Industry committee  We are. They take their statutory duty to protect the interests, but--

June 16th, 2009Committee meeting

Mark O'Connell