Simple arithmetic. If each of the 700 banks had $A1m (very conservative estimate) of daily turnover using FTC software at average of 2.5 pips (ie $25 per $1m) then daily fee would be 700 * $25 = $17,500. Multiply this by 365 gives $6,387,500 annual revenue. I imagine that many of the bigger banks will have significantly higher turnover.
Ann: FTC contracted with Guangdong Province Rural Credit Union, page-9
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