Visa Starts Program To Slash Its Expenses

SAN FRANCISCO - Visa USA said Wednesday it is launching a major program aimed at cutting its operating costs by up to $1.7 billion through 1997.

The program, called Back-office 2000, will use a new electronic imaging system to process credit card transactions more quickly and efficiently, the company said.

The new system is meant to accelerate the flow of sales drafts to cardholders and streamline the flow of draft retrievals between members and merchants.

Visa expects that the program will be be phased in over the next three years.

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