Visa International and American Bank Note Holographics Inc. of Robbinsville, N.J., have resolved a dispute related to problems last year with a magnetic stripe for credit cards that featured holographic images.
"Neither party is making a payment to the other in connection with the agreement," American Bank Note, which said last week in a filing with the Securities and Exchange Commission.
Visa issuers began distributing cards in January of last year bearing American Bank Note's Holomag stripe. However, the stripes sometimes build up static charges, which can prevent readers from authorizing transactions at the point of sale. Visa said in March of last year that it would stop using the stripes.
American Bank Note said that the agreement was aimed at "preserving the business relationship," and that it would continue to provide holograms bearing Visa's Dove logo to the San Francisco association's card manufacturers.
