Unless one knows exactly what VisaNet is all about or you’ve had someone explain to you how things work, an average person probably has no idea how huge the technology behind card transactions could be. While most of us are conscious about our ATM card security, things are happening behind the scenes and Visa hosted tech bloggers recently in an interactive session where the technology behind Visa Network was explained. Geek.NG was at the event that held in Ikeja, Lagos.
According to recent report, Visa is now ranked the 5th most valuable company in the world trailing just behind IBM (4th), Microsoft (3rd), Google (2nd) and Apple (1st).
The session was anchored by Taurai Tarugarira, Senior Director Global Network Processing at VisaNet and Ade Adeshaye, Country Manager, Visa. There was a live tweeting session with the hastag #VisaTechFeed.
According to Tauri, VisaNet is designed for speedy performance. “It moves at a quarter of the speed of light,” he said.
There were so many facts revealed at the event. It was even said that the Visa Data Center, home to Visa Network has more security than the White House. It’s not only network and application security we’re talking about, physical security is very much in place as well. The Visa Data Center is built to withstand earthquaked, tornadoes and hurricanes.
Facts File
– Visa built the first ATM network in 1983
– Nigeria is one of the first countries to adopt VisaNet’s Chip Card technology which safeguards against card fraud.
– With the rigorous security checks, Visanet processing time is only 0.636 seconds from New York to Sydney
– For the past 7 years, VisaNet has never been down during peak periods.
– Visa operates in about 200 countries.
– Visa presently works with over 14,500 financial institutions.
It was learned that Visa now plans to introduce Tokenization, mPOS (mobile point of sale) and other convenient and secure payment technologies to the Nigerian market.
