Printer Friendly

VISA INTERNATIONAL COMPLETES GLOBAL DATA COMMUNICATION NETWORK

 VISA INTERNATIONAL COMPLETES GLOBAL DATA COMMUNICATION NETWORK
 SAN FRANCISCO, Sept. 29 /PRNewswire/ -- Visa International announced today the completion of the first phase of its Network 2000 program. Initiated in 1990, this completes implementation of a fully digital data communication network that will save Visa member financial institutions approximately $195 million by 1999. More than 20,000 banks and other financial institutions in 82 countries around the globe are now linked to the VisaNet system, representing more than 90 percent of Visa's transaction volume.
 "With Network 2000, we redefined the standards for global data communication within the banking industry," said Visa International's Roger Peirce, executive vice president, Delivery Systems. "By applying the latest digital telecommunication technology, we are able to facilitate international and intercontinental financial transactions, as well as voice, video and image transfer, with a reliability which is second to none. Network 2000 brings Visa physically next to its Member financial institutions, and it supports their risk management efforts by handling authorization requests, transactions and settlements, and requests for copies in a fast and cost-effective way," he continued.
 With approximately nine million miles of fiber optic cables or other telecommunication lines across continents and oceans, enough to encircle the globe 375 times, Network 2000 currently connects more than 650 VisaNet Access Points (VAPs) to the Visa backbone network. This backbone network is a high-speed, high-volume, fully redundant fiber optic connection between all regional Visa interchange centers and the two supercenters in Basingstoke (UK) and McLean (Virginia, U.S.A.).
 Visa International has long-term contracts for telecommunication lines and equipment with many of the world's leading telecommunication companies. "In terms of data transmission volume, Visa is the largest user of the transatlantic fiber optic connection between Europe and North America. No other company or organization comes even close to us," said Ron Olive, Visa International senior vice president, VisaNet Engineering. "The sheer size of our business gives us a unique position whenever we are negotiating volume discounts with the telecommunication carriers," he added.
 In most countries, like France, Germany, Japan, United Kingdom or the United States, Network 2000 is fully based on fiber optic technology. In countries where no fiber optic cables are in place, Visa is digitizing the traditional analog lines to gain more transmission capacity and reliability.
 The next phase of Visa's Network 2000 program focuses on markets with either very low transaction volumes or less developed telecommunication infrastructure in place, or both. "Especially in Eastern Europe as well as in some African, Asian and Latin American countries, the most often state-owned telecommunication companies will have to make huge investments in their basic infrastructure," Olive explained. "However, we do expect that by 1995, Network 2000 will be linking the vast majority of these countries to the VisaNet System."
 Visa, with more than 10 million acceptance locations, 292 million cards issued, and the leading international ATM network, is the world's largest consumer card payment system.
 -0- 9/29/92
 /CONTACT: Christoph Abt of Visa International, 415-358-2469/ CO: Visa International ST: California IN: FIN SU:


GT-TM -- SF007 -- 4430 09/29/92 13:53 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 29, 1992
Words:513
Previous Article:E&B MARINE COMMENTS ON THIRD QUARTER INCOME
Next Article:OASIS INTRODUCES P.E.P. TO PITTSBURGH
Topics:


Related Articles
VISA CARDSHIELD -- ANTI-FRAUD OFFENSIVE PROVIDES CONSUMERS WITH THE ULTIMATE PAYMENT CARD SECURITY
VISA CARDSHIELD -- ANTI-FRAUD OFFENSIVE PROVIDES CONSUMERS WITH THE ULTIMATE PAYMENT CARD SECURITY
VISA AND METRICOM STRIKE A GLOBAL ACCORD FOR WIRELESS FINANCIAL SERVICES
VISA AND IBM TEAM UP TO DELIVER ON-LINE FINANCIAL INFORMATION TO BANKS
PAYMENT CARD ORGANIZATIONS DETAIL NEXT STEPS ON GLOBAL CHIP CARD SPECIFICATIONS
ValiCert Selected by Visa International to Build Foundation for New Global Standard for Electronic Invoices.
Visa International Launches Secure E-Commerce Initiative.
VISA INTERNATIONAL LAUNCHES SECURE E-COMMERCE INITIATIVE.
Netfish Technologies Forms Global Alliance With Visa International to Provide B2B E-Commerce Solutions.
GCOM, Inc. Successfully Completes Visa International Network Project.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters