I now have 70% confidence in the forces shaping Durbin (still no threat to V/MA).
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Driving Vision of Durbin? Bi-Lateral Connections?
My latest G2 from people involved in shaping Durbin is that retailers see an opportunity to end-run networks in bilateral deals AND direct (alternate) routing. To be clear, issuers have always been able to strike bilateral deals directly with a merchant. What they have not been able to do is route these transactions off-network.