Orenburg
state institute of management
Organization
structure of Visa
Mede
by: student of MO – 24 group
Utkin
Ilya Alexandrovich
Orenburg,
2005
Contents
Corporate
profile
Executive
Management
Organization
Governance
Openness
Responsibility
Effective
Oversight
The History of
Visa
From
Inspiration to Organization: The beginnings of Visa
Years
of Change: Shaping the industry
Today
and Tomorrow: Growth and technology
Corporate
profile
Visa connects
cardholders, merchants and financial institutions through the world’s largest
electronic payments network. Visa products allow buyers and sellers to conduct
commerce with ease and confidence in both the physical and virtual worlds. As
an association owned by 21,000 member financial institutions, Visa is committed
to the sustained growth of electronic payment systems to support the needs of
all stakeholders and to drive economic growth. There are 1.3 billion Visa cards
in circulation, which are accepted at approximately 24 million locations,
generating more than $3 trillion in annual card sales volume.
Wide
spectrum of Visa’s products and services include credit, debit, and prepaid
payment solutions, as well as programs and initiatives designed specifically
for commercial and government enterprises. We also develop common standards and
specifications to facilitate commerce and provide our member financial
institutions with global payment platform development, 24/7 operation of the
world’s largest and most sophisticated payment processing system, and
management of the Visa brand.
Executive
Management
Each member of
Visa's Executive Management team brings a wealth of experience in financial
services and payment systems management. They share a vision of empowering
people and institutions to more efficiently and conveniently conduct commerce.
Christopher
Rodrigues
President
and Chief Executive Officer, Visa International
Rupert
G. Keeley
President,
Visa Asia Pacific
Derek
A. Fry
President,
Visa Canada
Anne
L. Cobb
President,
Visa Central & Eastern Europe, Middle East & Africa
Johannes
(Hans) I. van der Velde
President,
Visa Europe
Eduardo
Eraña
Group
Executive, Visa Latin America & Carribbean
John
Philip Coghlan
President
and Chief Executive Officer, Visa USA
Organization
The cornerstone
of Visa's success is a unique organizational structure. Partnerships with
21,000 financial institutions enable Visa to meet the needs of local markets
and to balance various financial, regulatory and legal factors. All
participants benefit from economies of scale. Visa provides a robust payment
platform on which our members compete vigorously.
This strategy of
"localization" is supported by a highly decentralized organization.
Most resources and decision-making are pushed out to the regional and country
operations which adapt Visa products and services to the culture and customs,
thereby meeting the unique needs of buyers and sellers in each market.
In short, Visa is
not a traditional multi-national corporation. By empowering staff that
understand the banks, consumers and merchants in their markets, Visa has grown
its business 22% for the past 25 years—a track record matched by few other
global businesses.
Operationally,
Visa is divided into six regional entities and a corporate headquarters. The
Visa regions are:
·
Visa Asia
Pacific Region
·
Visa
Canada
·
Visa
Central & Eastern Europe, Middle East & Africa Region
·
Visa
Europe
·
Visa
Latin America & Caribbean Region
·
Visa USA
The
activities of all Visa members are governed by a set of global operating
regulations. The interoperability, stability and growth of the worldwide
enterprise is facilitated by a core group of centralized functions which
develop product platforms, manage the Visa brand, monitor global risks and
ensure implementation of technical standards.
The
Visa organization derives its strength from this dynamic balance between local
and global—for none of the parties involved would be as effective without the
others. This highly elastic, distributed regional structure has been a key
element of Visa's growth and will continue to deliver the flexibility and
responsiveness that the highly competitive market demands.
Governance
Openness,
responsibility and effective oversight are the foundation of Visa's commitment
to good corporate governance. These principals are critical to obtaining and
retaining the trust of our members, merchants and cardholders. They are also
vital to secure the respect and trust from other key stakeholders and
interested parties—including employees, customers, suppliers, government
officials and the public at large.
Openness
Visa
is committed to increase understanding among all stakeholders about the role
Visa plays in the electronic payments industry, our goals and what we do.
Although it is a non-stock membership organization, initiatives like the first
Worldwide Association report, are a demonstration of our commitment to
increased transparency. Moreover, our governance and financial management
practices are generally aligned with the best business practices of publicly
traded organizations.
Responsibility
Beyond
our responsibilities to our members and to our employees, Visa recognizes that
it can play a constructive role in the broader global community. As the use of
electronic payments expands, Visa is committed to both developing products and
services for underserved segments in society and working to ensure that
consumers in all markets know how to use Visa products responsibly. For
example, "Practical Money Skills," a financial literacy program,
operates in the United States, Canada, Asia and Latin America.
Effective
Oversight
The
activities of all Visa members are governed by a set of global operating
regulations. Although the "Visa" name is the property of Visa International
Service Association, the global Visa organization is actually a collection of
legal entities. Three regions (Visa U.S.A., Inc, Visa Canada Association and
Visa Europe Ltd.) are separately incorporated group members of Visa
International Service Association, whereas the remaining three regions (Visa
Asia Pacific, Visa LAC and Visa CEMEA) are unincorporated divisions of Visa
International Service Association. To enable efficient day-to-day management,
these six regions (and Visa International Service Association itself) each have
a president, an executive team and a Board of Directors.
Each
region's representation on the Visa International board is based in large part
on its share of Visa's worldwide sales volume. Regions nominate individuals
from their regional boards, and these regional directors, plus the Visa
International CEO, comprise the Visa International Board. The Visa
International board is responsible for the oversight of the worldwide interests
of the association and ensuring it operates to the highest ethical standards.
The
History of Visa
The history of
Visa is the history of the electronic payments industry itself. Led by people
of vision and determination, Visa has long recognized that electronic payments
have had a profound and positive effect on individuals, businesses, and
economies.
Like
other powerful ideas of the past 100 years—the airplane, television,
computers—Visa has changed the way we live our lives.
From
Inspiration to Organization: The beginnings of Visa
When
Bank of America launched its pioneering BankAmericard program in Fresno,
California, in 1958, the modern payment era was born.
A
decade later, the program took a major step forward when Dee Hock, then one of
the leaders of a group of BankAmericard licensee banks, proposed that the banks
form an association; a joint venture that would allow Members to enjoy the
benefits of a centralized payments system, while competing fairly for their own
interests. Dee Hock became the new group's first president.
By
the time Bank of America transferred control and ownership of BankAmericard to
the newly incorporated NBI (National BankAmericard, Inc.) in 1970, credit card
use was beginning to have a significant impact on how people bought and sold
services.
In
1976, NBI changed the BankAmericard name to Visa, a simple, memorable name that
is pronounced the same way in every language.
Years of Change: Shaping the industry
The
point-of-sale model—using a physical card at a physical merchant in a
face-to-face transaction—began to change in the 1980s with the rise of mail and
telephone order transactions, where the merchant didn't have to see the actual
card.
In
1986, Visa began an affiliation with the PLUS ATM network, opening the way for
cardholders to get easy access to cash. As the decade closed, more and more
banks had started to issue debit cards, providing bank account holders with
direct access to their money.
The
1990s were characterized by the technological revolution, which dramatically
changed the direction of the payments industry. As technology and the Internet
evolved, so did the thinking of the traditional financial institution.
During
this time, Visa recognized the potential for technology to connect every
consumer, merchant, service provider, and financial institution in the world so
that payments could truly be made anywhere, anytime and through any device.
Today
and Tomorrow: Growth and technology
At
the dawn of the new century, still new technologies are emerging—such as
contactless chip and proximity payments, which enable yet another means of
value exchange. These technologies open up a huge number of potential access
points for payment cards.
With
these new payment options for individuals, businesses, and government
organizations, commerce truly becomes ubiquitous. Now, a consumer or
businessperson can buy goods or services at a moment's notice through any
device, and is not limited by geographic boundaries.
As we
move forward in the new century, Visa is committed to developing solutions that
meet specific market demands, seize opportunities in high growth areas such as
debit, prepaid, and commercial, and work collaboratively with a variety of
technology, business, and industry partners to build a globally secure and
connected infrastructure.
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