Visa Inc. (V) Management Presents at 2018 Wells Fargo Tech Summit Conference (Transcript)

Dec. 04, 2018 9:06 PM ETVisa Inc. (V)1 Comment
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Visa Inc. (NYSE:V) 2018 Wells Fargo Tech Summit December 4, 2018 4:20 PM ET

Executives

Bill Sheedy - Executive Vice President of the Global Strategy Group

Analysts

Donald Fandetti - Wells Fargo

Donald Fandetti

My name is Don Fandetti. I cover Visa at Wells Fargo. We are very pleased to have today, Bill Sheedy from Visa. Bill is a sort of 25 year veteran of Visa and has run just about every business from Europe to the Americas and currently he heads corporate strategy, M&A and global policy and government relations. So, we appreciate your time.

I’ll go ahead and kick off with a few questions and then we’ll open it up for the audience. We’ve gotten a lot of questions today. So I’ll go ahead and get it off the table and that is the discussion in Europe. There is some, comments out there that bank interchange rates could be reduced for cross border transactions when traveling into Europe and I was just curious, if you could comment on that?

Bill Sheedy

Sure. I think what’s first is, just a level set on what exactly the announcement was from the European Commission. I think everyone knows that when a transaction happens on our system, generally a purchase transaction, we pass interchange from the acquiring financial institution to the issuing financial institution.

We – Visa doesn’t benefit from that flow. We just move the money. For quite some time, interchange has been a topic of regulatory and legislative discussion in Europe and for a number of years, transactions within Europe have been - interchange transactions within Europe have been regulated at 20 basis points on debt and 30 basis points on credit.

For consumer transactions, the only transactions that have not been regulated on the interchange by the European Commission have

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