While it broadly endorsed the PSB’s regulatory approach to date, the Murray Report recommended that consideration be given to tightening existing interchange regulations in some significant respects. These included lowering the overall interchange cap, and broadening its coverage to include other incentive payments that serve a similar function.
The Bank could hardly stand by as a spectator. We have been preparing for transition to a new business era. We are rejuvenating our staff, renewing and updating our skills set, and rolling out new rules and regulations. We have inducted a Director of Technology in the highest echelons of the Bank.