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Visa: processing global payments in under a second

I’ve used a video from Visa Europe to illustrate what real-time payments processing means in practice for a while now, and finally tracked it down on Brightcove:

It’s a good video, tracking the journey of a payment from a Swedish bank customer using a mobile contactless phone in China.

The payment travels through 32,000 of networking in 1.4 seconds, including all of the security checks and gateways.

That was about a year ago.

Today, it’s under a second.,

Visao processes about 35 million such payments daily with a 99.999% success rate.

I’m sure MasterCard do the same, and it just goes to show what today’s global technologies and interoperability enables. 

Love it.

About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here…

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  • Hmm… just about everything that could go wrong did go wrong in the routing of this transaction. Hardly typical – of course the vast majority of transactions are processed without a hitch. And another thing – mobile phone transactions, while the subject of several pilots, have not yet been rolled out for general use due to the issues that are still to be resolved, primarily who controls the handset and the means of transaction delivery; the video sidestepped this question but the transaction would have had to pass through a mobile network before reaching VisaNet – who pays what to whom for this service and who manages the applications on the phone are unresolved. Here at Aconite we’re providing the technology to enable this.