The Bank of Canada has granted Interac approval to change its current pricing model, which charges financial institutions less money the more e-transfers they send. It’ll charge a flat fee instead, CEO Jeremy Wilmot said at a parliamentary committee Monday evening. Interac’s current volume-based pricing model has come under scrutiny by the Competition Bureau. (The Logic)

Talking point: Wilmot’s testimony corroborates The Logic’s reporting Monday, which revealed a move to flat-fee pricing was in the works at Interac before Conservative MPs Michelle Rempel Garner and Adam Chambers brought attention to the issue in October. Interac’s current pricing model effectively means smaller institutions pay more for the same service than their larger competitors. Asked by Chambers to respond to concerns Interac was in a conflict of interest because its board is controlled by its large bank shareholders, Wilmot said a committee of independent directors approved its current e-transfer pricing model. Flat fees will mean “open access and a level playing field,” he said.