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Summary and Comments

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Category: 

Banking

Date: 

1997-09-30 10:53:41

Subject: 

VISA's Problem: Noncompliant Banks

  Link:

http://www.techweb.com/wire/news/1997/09/0924ripple.html

Comment: 

A VISA executive admitted that when VISA gets compliant (Real Soon Now), it will still have a problem: noncompliant banks.

VISA acts as a guarantor of transactions. This is a crucial economic service. It has revolutionized U.S. commerce. But if VISA's member banks are not compliant, VISA cannot serve as a guarantor in 2000. This is VISA's problem. This is also U.S. commerce's problem.

This story is from TECHWIRE (Sept. 24): "Executives Warn of Year 2000 Ripple Effect."

* * * * * * *

It's not enough for enterprises to solve their own year 2000 problems, IT executives said Tuesday at the InformationWeek 500 Conference in Dana Point, Calif.; they also have to beware of a ripple effect from noncompliant business partners.

In the "Year 2000: The Crisis Continues" panel, John McCarthy, Visa International's vice president for the year 2000 project, said though Visa has its year 2000 conversion under control, it has to be concerned about its business partners and member banks. "There are still problems with key contributors to our organization," he said. Visa, which had asked its member banks to comply this year, said it may put in place formal mandates to bring its partners in line.

Link: 

http://www.techweb.com/wire/news/1997/09/0924ripple.html

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