Visa migrates to £433m payment processing platform

Visa Europe has completed a €500m (£433m) investment in its payments processing platform to increase transaction volumes and efficiency.

Visa Europe has completed a €500m (£433m) investment in its payments processing platform to increase transaction volumes and efficiency.

Involving a six-year build and 800 staff, Visa Europe's platform supports 2,500 transactions per second, at average speeds of 20ms per transaction and meets European requirements, such as the Single Euro Payments Area (SEPA).

Steve Chambers (pictured), Visa Europe's CIO, said, "We've created an inter-bank processing service without equal in Europe. We've developed it using open system technology delivering incredible scale, processing efficiency and unparalleled resiliency.

"It can handle cross-border and domestic market processing services with low costs and high reliability," he added.

The total system estate spans 10,000 square feet across two datacentres, said Visa Europe.

"We now have the capability to provide further services to our member banks such as SMS mobile transaction text alerts, real-time scoring fraud detection and device profiling," said Chambers.

Visa Europe's membership association totals more than 4,000 European banks.

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