04 December 2016

Visa Europe completes EUR500m processing platform

01 October 2010  |  11270 views  |  0 Visa web screenshot

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.

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."
KeywordsSEPA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

EPC explores m-payment and Sepa

EPC explores m-payment and Sepa

06 July 2010  |  13796 views  |  1 comments
EBAday 2010: Sepa foundations laid - time to get building

EBAday 2010: Sepa foundations laid - time to get building

28 May 2010  |  12187 views  |  0 comments
EC hits Visa Europe with interchange antitrust charge

EC hits Visa Europe with interchange antitrust charge

06 April 2009  |  10162 views  |  0 comments
Visa Europe migrates to new BT network

Visa Europe migrates to new BT network

15 July 2008  |  4317 views  |  0 comments
Sepa goes live

Sepa goes live

28 January 2008  |  15749 views  |  0 comments
Visa on course for Sepa compliance

Visa on course for Sepa compliance

02 June 2006  |  32824 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit contisgroup.comFind out more

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6494 views comments | 23 tweets | 21 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5627 views comments | 15 tweets | 13 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5559 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5526 views comments | 13 tweets | 12 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
5525 views comments | 16 tweets | 20 linkedin

Featured job

Find your next job