October 4th, 2010 – Visa Europe has completed its migration to a new, EUR500 million, processing platform, giving the firm’s member banks a dedicated authorisation, clearing and settlement system for the region.
The platform is designed specifically to meet European requirements, such as the Single Euro Payments Area (Sepa). It has taken six years to complete the migration and has required the creation of an 800 plus person technology and customer services team.
The only inter-bank processing service designed exclusively to meet European requirements, such as the Single Euro Payments Area (SEPA), Visa Europe offers same day national settlement services to its members in Europe in 18 currencies.
Visa says the system can handle 2500 transactions a second at average speeds of around 20 milliseconds a go, making it nearly seven times as fast as rival MasterCard.
To ensure resilience there are two identical systems spanning 10,000 square-feet across two data centres and in the last three years Visa claims to have delivered 100% availability and 99.999% service quality.
The company says that the new platform’s efficiency in handling ever increasing processing volumes saves its members – which own and control the system – significant amounts.
Steve Chambers, CIO, Visa Europe, says: „We’ve created an inter-bank processing service without equal in Europe. We’ve developed it using open system technology delivering incredible scale, processing efficiency and unparalleled resiliency. It can handle cross-border and domestic market processing services with low costs and high reliability.”
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Source: Visa Europe
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: