SAN FRANCISCO, May 11, 2011 (BUSINESS WIRE) --
Visa Inc. (NYSE: V) today announced plans to offer merchants a more streamlined connection to Visa's global network, allowing them to more easily accept the next generation of payment products, offer real-time rewards, redemptions and discounts and other value-added services.
The new program is designed to allow Value Added Resellers (VARs), Acquirers and other payment gateway providers serving merchants with payment solutions to directly connect to VisaNet, Visa's global processing network, via a flexible XML-based API that is currently in development and expected to be available by summer 2011. This is intended to expedite the delivery of new services and offer merchants a more streamlined payment processing solution, as well as provide direct access to Visa's secure, reliable, and information-rich processing services.
"More and more merchants are relying on the comprehensive solutions offered by value added resellers and acquirers for their payments processing needs," said Darren Parslow, Global Head of Processing, Visa Inc. "By directly connecting these entities to Visa we can positively impact not only VARs and acquirers but also merchants and consumers. The bottom line is that Visa is working to simplify commerce across a broad range of transaction environments, including ecommerce, mobile, social commerce and point-of-sale."
How It Works
Visa's new program, which is expected to be available to qualified partners in the third quarter of 2011, is designed to allow VARs, Acquirers and service providers to directly connect to VisaNet through a robust, flexible, information-based API using XML. This will enable them to manage and certify to one connection for all payment types, and establish a direct communications access channel for payments and information passing through the processing hub of Visa. This can benefit VARs, acquirers and other payment providers by enabling them to offer merchants access to advanced, real-time processing services and information-based products offered by Visa.
The new program is intended to benefit VARs, acquirers and merchants in four major areas:
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks--VisaNet--that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the terms "will," "expected," "intended," "plans," and similar references to the future. Examples of such forward-looking statements include, but are not limited to, the timing, impact, content, reliability, acceptance, implementation and overall success of the new connections to Visa's network and related programs. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements because of a variety of factors, including:
The impact of new laws, regulations and marketplace barriers, particularly those affecting, ecommerce, mobile payments, consumer privacy, and data use and security; macroeconomic factors, such as global economic, political, health environmental conditions; a decline in the growth of ecommerce and mobile payments activity; inability to keep pace with the innovations of competitors including in the ecommerce and mobile payments areas; industry and systemic developments, such as:
and the other factors discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K on file with the U.S. Securities and Exchange Commission. You should not place undue reliance on such statements. Unless required to do so by law, we do not intend to update or revise any forward-looking statement because of new information or future developments or otherwise.
SOURCE: Visa Inc.
Press Only: Visa Inc. Matthew Flegal, +1-415-932-2564 firstname.lastname@example.org or Fleishman-Hilliard Kim Coutts, +1-619-239-7723 email@example.com