ING, a Dutch bank, announced last week that borrowers filing loan applications in XBRL will receive a reduction in costs. We are paving the way for similar initiatives in Mauritius. Third, the National Payment Switch. This is yet another transformative project which we have under way.
It is slated to become a key element of our national payments infrastructure, serving as a sound, low-cost platform for future e-payments. It will enable us to handle domestic ATM and POS transactions without the extra charges now incurred as processing is done through card networks.