Are there any territories where the central bank has said that Mondex will have to reconcile all transactions?
I can’t say that I’ve spoken to every central bank, but I’ve made presentations to many of them. And no one’s said the philosophy is flawed. No one’s said that that, if it’s done correctly, sampling isn’t the right strategy. Because if you look at the business case, if you have a fully accounted transaction system, you’ve got a flaw. You’re maintaining a central database, and I don’t know what the cost of that is, but let’s argue it’s 10 cents a transaction. What that means is that when you come to buy a newspaper with your electronic purse card, the poor newsagent has to recover 10 cents over and above the cost of the newspaper to make the transaction economic. Now there are some transactions on the Net where you’ll look at 100 pages and it’s going to cost you two cents. How are you going to service those transactions? There’s no doubting the appeal of the business proposition – I can see that clearly enough. Yes. And at Mondex we’re trying to engineer a solution. It’s exactly like bu
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- Are there any territories where the central bank has said that Mondex will have to reconcile all transactions?
