Finance committee  It's difficult to estimate the costs because it's going to vary from organization to organization. Some organizations would have to upgrade their accounting systems to receive the information electronically. A lot of the large organizations have already paid for those upgrades, b

Finance committee  The first thing is to replace or upgrade the existing payments systems, ACSS and LVTS, to carry more information in order to move to automated processing, and the second thing is for governments to require—which is something that a number of the Scandinavian countries have done—a

Finance committee  In terms of catching up on the B-to-B payment side, I think that the recommendation the task force made for the federal government to take the lead is still valid. Essentially it's like adopting the fax machine. A fax machine isn't valuable unless the people you're dealing with

Finance committee  Those are mobile payments.

Finance committee  I think Todd might be able to provide a better answer. The root cause of being behind in B-to-B is the lack of a low-cost small payment system that essentially allows one business to pay another business electronically with enough information so that they know what the payment i

Finance committee  I would expect that it is a big percentage of them. This was a survey that the CPA did one time. I'm sorry for the data being so far out of date, but it's all that's available. What it showed is the significant growth. What is very interesting is the Starbucks app this past Chr

Finance committee  Yes, we studied many other countries. Particularly, we studied Australia, the European Union, the U.K., the U.S., and to a lesser extent countries like South Africa, Switzerland, and Kenya. What can we learn? First of all, payments split between personal payments, in which as To

Finance committee  I believe what you're referring to is our first recommendation for the federal government to adopt electronic invoicing in payments, which Public Works and Government Services has been working very hard to move forward. The thinking behind the recommendation was that, based on

Finance committee  On the next slide I just want to draw your attention to the prepaid card lines, which is essentially growing at 30% compound annual rate. These are essentially mobile payments. The Starbucks app is supported by prepaid gift cards, so money is moving out of the traditional payment

Finance committee  Sure. We recommended a governance model that would recognize payments as an industry, include all of the players, as Jacques suggested, and be largely self-governing, lightly regulated, and principles-based. So trust, accessibility, and good value would govern the system.

Finance committee  Thank you. I have to operate two of these. First of all, I just want to show you the mandate for the task force, which directed us to “ensure that the framework supporting the payments system remains effective in light of new participants and innovations”. Mobile payments were