News Flash

November 01, 2006, 12:35 p.m. EST 1 Min Read

  Visa USA says it has finished re-engineering its Integrated Payment authorization platform and is moving processing operations from its San Francisco data center to its new data center in Colorado. The new system handles credit, debit, prepaid and some ATM transactions. "This is the single largest re-engineering initiative ever undertaken by Visa," John Partridge, president and CEO of Inovant LLC, Visa's information-technology division, told analysts and reporters during a conference call. Visa's all-time record is 6,400 transactions per second, though Mike Dreyer, Inovant executive vice president, says Visa has tested 12,000 transactions per second on the new system. Aaron McPherson, research director at the credit advisory service Financial Insights, says he was intrigued by Visa's ability to send more data along with transactions, such as insurance information for health care payments and complete card numbers for "account-level" transactions that could provide instant rewards at the point of sale. "Visa and MasterCard are trying more and more to provide the functionality that a closed-loop network provides, not just faster payments but an architecture that allows them to pass more information over the network more quickly," he says.
  (c) 2006 Cards&Payments and SourceMedia, Inc. All Rights Reserved.
  http://www.cardforum.com http://www.sourcemedia.com

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Politics

What banks are worried about during the House's 'crypto week'

Some last-minute drama has derailed planned votes on crypto and stablecoin in the House, but the political maneuvering isn't likely to improve the long list of criticisms that bankers have raised about the legislation before it heads to President Donald Trump's desk.

By Claire Williams

July 15
Earnings

Citi shows progress, but still needs to impress regulators

The global bank reported solid second-quarter results as executives maintain confidence in the bank's ability to achieve a return on tangible common equity of 10-11% next year. But an analyst said Citi's progress on reducing expenses will hinge on its ability to get freed from various enforcement actions.

By Allissa Kline

July 15
Payments

Starling looks to list in the U.S.; Lloyds may buy Curve

The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.

By John Adams

July 15
Politics and policy

Pettit cruises through Senate confirmation vote

Luke Pettit, a Senate Banking Committee staffer, will serve as the Treasury Department's next assistant secretary of financial institutions.

By Kyle Campbell

July 15
Blockchain

U.S. Bank begins testing a blockchain for trade finance

The Minneapolis-based bank worked with WaveBL and ICICI Bank to handle an export shipment with fully digital documents via blockchain technology.

By Melinda Huspen

July 15
Federal Reserve

Fed's Barr warns of BNPL 'debt trap,' other risks

The Federal Reserve governor said the uptick in buy now pay later repayment issues is likely a sign that consumers don't understand the terms of the emerging credit offering.

By Kyle Campbell

July 15