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VISA ANNOUNCES INTENT TO OPEN ACCESS TO MEMBERSHIP

 VISA ANNOUNCES INTENT TO OPEN ACCESS TO MEMBERSHIP
 SAN FRANCISCO, Dec. 2 /PRNewswire/ -- The board of directors of Visa U.S.A. announced today its intention to provide open access to the Visa payments system to all regulated financial institutions, including financial institutions owned by nonbanking companies, pending adoption of rules and regulations to implement such a policy. Direct competitors will be excepted from this access.
 Visa had established a temporary moratorium on nonbank membership in November 1990 while the company reviewed membership eligibility in light of current banking regulations. The moratorium will expire on Dec. 9, 1991.
 The company expects to establish and adopt the new rules and regulations by March 1992. In the interim, no new applications will be accepted.
 Visa U.S.A., which licenses U.S. financial institutions to issue Visa cards, is a member of Visa International. More than 260 million Visa cards have been issued, including 140 million in the United States.
 -0- 12/2/91
 /CONTACT: David Brancoli of Visa U.S.A., 415-570-3830/ CO: Visa ST: California IN: FIN SU:


RM -- SF006 -- 8526 12/02/91 17:14 EST
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Publication:PR Newswire
Date:Dec 2, 1991
Words:187
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