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Finance committee  Yes. CIBC pays Rogers a fee, which is a matter of our contract and which is why neither of us is saying what the number is. It's small. I pay that fee. So CIBC pays that fee to Rogers in order to put the credit card credential on the phone. Once it's on the phone it behaves just

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  That's correct.

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  We are not passing that fee on.

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  We have swallowed that fee.

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  I think there's a difference between a large value payment system and ACSS, which is the mid-range payment system. So the Bank of Canada has initiated a process to look at LVTS modernization. I think it's a very good process. It will make highly specific recommendations about the

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  Yes. I think the attributions of 1% to 2% need to be more fully tested.

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  I think that historically the standards that have been effective have been driven by a combination of our regulators, so OSFI, as well as the role that the Department of Finance has played. I look at organizations such as the CPA, and the newly established group, FinPay. I think

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  We believe that any party that actually provides a payment service to Canadians should be held to the same standards. So I think the test should not be what type of institution they are, I think the issue should be whether they are involved in payments or not. So if you are provi

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  First, the fees that were noted are actually set by the networks: MasterCard, Visa, American Express. Second, the charges incurred at the merchant are set by their relationship with the party that provides services to them. Examples in Canada include Global Payments and Moneris.

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  It's not that we're not taking any action. It is the responsibility of the networks to set rates. We do not set those rates.

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  I think it's unequivocal that the Canadian system for retail payments is far ahead of the U.S. system. I was speaking at a conference I was at in Salt Lake City literally two weeks ago, explaining that there is a range of factors accounting for why our retail payments infrastruct

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  What you will find is that, typically, people start with a debit card because they're actually not creditworthy. Over time, after they build up their creditworthiness, then they will apply for credit cards because, as you note, sir, you're right, they have access to loyalty and t

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  Yes, you can.

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  I think the starting point is ensuring that there is a common standard. If I look at today, there are federal regulations that we need to adhere to as a bank to ensure that money laundering and terrorist financing isn't occurring. If you look at other players that enter the space

February 25th, 2014Committee meeting

Todd Roberts

Finance committee  We have not seen significant shifts over time in the use of credit cards versus debit cards. Prepaid cards have not been as significant in this marketplace. I think you will find this year that a range of banks will be providing prepaid cards to their clients as well. Stored-loo

February 25th, 2014Committee meeting

Todd Roberts