It doesn’t have a consumer platform as such. You can’t access it through your mobile banking app. All of that is what our solution today provides. So we have to see where it goes. Head-on competition by the mindset of partnership where and when it makes sense for us and where this goes. It is important to say that we do have solutions for these systems. If you look at the Chase Pay by Bank solution that we put into the market, so that’s exactly leveraging these kind of flows that would run across these systems, generally B2B-focused. Some noncard penetration verticals run across these particular systems. So we see that as an opportunity. And Chase Pay by Bank app will be one of those ways to going after that. We’ve done similar kind of solutions in the U.K., in Europe and so forth.
So more to come. We’ll stay very close. At this point in time, I think we have a better solution in the market.
Operator: We’ll go next to Sanjay Sakhrani at KBW.
Sanjay Sakhrani: I had a question on the Fed routing rules on debit. I guess the card-not-present transactions went through in July. I’m just curious sort of how you see the opportunity there. It would seem like you’re in a good position to take some share.
Michael Miebach: Right. So the clarification came to networks available as of 1st of July. So we put that in place and we said we would, and we’re ready to do that. It’s still early days. We have to see where that goes. But as you rightly said, Sanjay, we stand ready to compete. And that is certainly we will look for the opportunity, and I’m sure we will find it.
Operator: Next, we’ll go to Lisa Ellis at MoffettNathason.
Lisa Ellis: Michael, in the prepared remarks, you highlighted that with Mastercard’s real-time ACH strategy, you’re sort of in the phase of transitioning from building out infrastructure to focusing more on building applications and services. Just kind of taking a step back, it’s always been a big differentiator for Mastercard that you own infrastructure in fast ACH with Vocalink and Nets’ Corporate Services. Can you just kind of comment a bit on the movie over the last 6 or 7 years? Like how has that helped differentiate Mastercard in the — in terms of being able to capture account-to-account network payments, new flows, et cetera?
Michael Miebach: Thanks, Lisa. So real-time payments — when the rise of real-time payments started 2016, ’17 and so forth and we invested into Vocalink, it was clear at the time that we wanted to be in the infrastructure application services. That was a bit of the logic. At the time, we needed the street cred and we needed the talent so we can participate in this trend from day 1. That was the first season of the movie, so to say, to stick with your analogy. Where we are today, we’ve built out an enviable and unique position in real-time payments, having a footprint in 13 of the top 50 GDP countries where we run and partially operate real-time payment infrastructure. Our strategy was we will be in the markets that matter and we don’t win to be in the markets that don’t matter.
So we feel we’ve reached that point. And now it’s really to drive up scale and use that infrastructure position. The business in itself of running these systems in these markets is attractive enough. As we pointed out, we’re going to focus on building out a set of applications and services on top of that. If you recall from the prepared remarks where I talked about the scam — the anti-scam solution in the U.K. with these non-U.K. banks, it’s a fantastic example of how our expertise in these markets has positioned us to rally 9 banks around the table to come up with a market-wide solution. Now not everything that we will do will be market-wide solutions. There will be individual customer solutions, but we feel we have muscle in this space. It’s not going to go away.
