Visa
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The Evolution of Visa Transaction Authorization
This chapter delves into the historical development of transaction authorization within the Visa payment network, highlighting the shift from manual bank verification to the automated system known as VisaNet. It discusses early challenges faced in credit card processing and the pivotal innovations that streamlined operations, improving efficiency and reducing costs. The narrative showcases Visa's transition to in-house technology capabilities, emphasizing the importance of automation in facilitating faster and more reliable transaction settlements.
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