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Visa's Payment Network Girds for Growth

Anticipating dramatic growth in the volume of electronic payment transactions during the 1990s, Visa U.S.A. launched a restructuring of its electronic payment processing network last year. Today, Visa is putting the finishing touches on VisaNet 2000, a program designed to support merchants, bank card issuers, and acquirers into the next century. The inclusion of more debit card transactions into overall card-based transactions could propel the number of yearly Visa transactions to 14 billion by the end of the decade, the organization estimates. Four elements. VisaNet 2000 consists of four elements: (1) a system of national, regional, and global data centers, called "super centers," each capable of handling all of Visa's transaction volume on its own; (2) an advanced fiber optics communications network; (3) a series of new products and services to support new business initiatives; and (4) upgraded core-business software. Two super centers are now operational--one in England and the other in McLean, Va. Two others are to be added by the end of the decade. The second element, upgrading the network connecting Visa's data processing and other facilities to digital fiber optics, will save members up to $200 million in transmission costs by the end of the decade, Visa says. "That project is 95% completed," says Rosalind Fisher, Visa's executive vice-president, delivery systems. "There's a little way to go here in the U.S., but the project should be completed by yearend." The third element, new features and services, is actually a full-fledged system called PaymentService 2000. This service will better manage the flow of transaction history data through the use of an identifier that remains with the transaction throughout its processing life, starting at authorization. PaymentService 2000 builds on an earlier effort, called BackOffice 2000. The two differ, however, in that BackOffice 2000 did not require member banks to undergo significant retooling of their systems. PaymentService 2000 does require system changes. The last part of VisaNet 2000 involves enhancing the authorization and clearing and settlement systems. Those efforts are about 75% completed, according to Fisher, and should be completed by the end of 1993. Visa also will maintain one year's history of authorizations and clearing drafts in order to facilitate the chargeback and retrieval-of-copy process. Benefits to banks. Bankers are enthusiastic about what VisaNet 2000, and particularly PaymentService 2000, holds for their bank card offerings. As for the latter, "the identifier will put more integrity into each transaction, whether it's for settlement or to confirm that the proper authorization requirements were obtained," says Jerry D. Craft, executive vice-president of Wachovia Card Services, Atlanta. "It will provide card issuers increased amounts of information." Acquiring banks will be able to provide better merchant service by reducing the cost of handling exceptions. Savings will be realized in the elimination of invalid chargebacks and duplicate copy requests. …