Voluntary Intermediary Solution
Members operate Visa programs according to Visa By-Laws and Operating Regulations
- MasterCard, American Express, Diners, etc have similar binding agreements
Closed system requires adherence to rules for payment processing, including handling of consumer disputes
Benefits: Consistent, internationally- trusted payment method, consumer protection, assured payment for merchants
- Visa is a non-stock, for-profit membership corporation that is owned by Members. Visa Members are financial institutions, including commercial and retail banks, savings and loan associations and credit unions.
- Members agree to operate their Visa programs in accordance with the Visa By-Laws and Operating Regulations. Visa Members direct Visa through two groups:
- the Board of Directors, elected by and from the Membership, and
- Advisory groups, comprised of senior bankcard execeutives who advise Visa managemnt on various topics
- Visa provides a framework in which individual members can offer cardholders and merchants an internationally accepted payment method. Members and Visa have distinct but mutually beneficial roles in providing payment services to consumers and merchants.