Visa International Reorganizes
Visa International promises a kinder, gentler service attitude for banks. This comes after the large corporate giant was blasted for not giving bank owners “autonomy.” Visa reorganizes this month to better serve clients.
Citigroup Inc. sent a strong message earlier this year to the credit card company. The number one financial services company pulled business away from Visa and sent it packing to MasterCard. The reason? Apparently, there was a disagreement where Citigroup could put its logo on the card.
Visa is dedicating its six regional units to helping banks develop products and market their cards. The company also is loosening the reigns a bit. Banks will have more control to develop brand identity for bank cards.
Effective today, the reorganization brings a “center” operation that will work on “setting business strategy, developing worldwide payment platforms and standards, and protecting the Visa brand.” A new “shared services” unit makes transaction processing and systems services available to member banks around the world.