Mr. Chair, good morning. Thank you for the opportunity to address this committee on behalf of Interac Corp.

Interac is a Canadian-founded, owned and operated payment network and financial technology company. We're proud to be celebrating our 40th anniversary this year.

Most Canadians are familiar with our brand and products. What some people don't know is behind our familiar logo is an intricate network that is used to facilitate payments more than 20 million times every day. Our network ensures that Canadians can easily access their money securely and at low cost from coast to coast to coast.

During my remarks I'm going to provide an overview of how our network operates and focus on two key priority areas for Interac: our commitment to providing low-cost payment options and our focus on upholding trust and security.

The Interac debit network powers payments made at over 500,000 merchants, including at point-of-sale, online and mobile payments. The Interac e-transfer service enables businesses and consumers to easily send or request money from one bank account to another anywhere in the country. Last year, Canadians completed more than 6.6 billion Interac debit transactions and 1.2 billion Interac e-transfer transactions.

Paying rent, buying groceries and sending money to friends and family: this is what Interac helps people do. Interac products are known for being low-cost options to make and accept payments. Our fees are structured to support small businesses, helping them control costs while offering their customers easy and secure payment options. It's for this reason that organizations such as the Canadian Federation of Independent Business have noted that Interac debit has served businesses well for decades.

It's important to note that credit card payments do not travel over the Interac network. The differentiator is that we provide Canadians with the ability to pay and exchange funds directly from their own bank account.

Over 300 financial institutions, from large banks to small credit unions, participate on the Interac network. Financial institutions maintain banking accounts and issue debit cards to their customers. Payment processors provide merchants with the hardware and software to accept Interac payments. What this means is we are able to serve consumers and businesses in all parts of the country.

Given the important role Interac plays in the lives of Canadians, security and trust are not just a priority, they are at the heart of everything we do. We're proud of the fact that Interac has been named the most trusted financial services brand in Canada for multiple years. Through world-class fraud controls and following national and international payment standards, we safeguard the financial transactions of millions of Canadians. We value the trust Canadians place in us and do not take this trust lightly.

Amid a rapid increase in online services, Interac plans to lead Canadians to digital prosperity. We know this will require an even more intensive focus on fraud mitigation and delivering innovative products that meet Canadians' needs. Ease of access, low cost, safe and secure transactions: this is Interac's unique value proposition.

We remain steadfast in our aim to enable Canadian consumers and businesses to participate in the digital economy in a way that powers their success.

Thank you for your time. I look forward to answering any questions you may have.