Visa 2014 Annual Report Download - page 10

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which will provide software
developer kits (SDKs) and
a set of industry-standard
application programming
interfaces (APIs) that will
allow all of our stakeholders
including new participants
to create programs and
applications on top of our
platform. These services will
still be processed through our
traditional four-party model
maintaining the roles played
by issuers, acquirers, and
ourselves.
In addition, we are building
out Visa Research Labs, which
is our space to have a long-
term focus on what science
and technology could make
available over a longer time
horizon with far less focus on
short-term commercialization.
When playing offense, we
must also question whether
we should be directly
developing hardware
or software experiences
ourselves. We think of
ourselves here as a payment
network operating system,
powering the payment
ecosystem in much the same
way that the Apple iOS or the
Android operating system
powers the mobile ecosystem.
Just as our founder Dee
Hock catalyzed the growth
of card-based payments
by getting Bank of America
to open their proprietary
payment platform, Visa can
exponentially benefit from
facilitating an open software
processing platform that
enables software developers
to create compelling end user
experiences that integrate
our payment products. We
do not have to design and
build hardware or create the
best commerce application in
the market, but we do want
to encourage, partner, and
enable others to do this and
ensure we are the beneficiaries
as they move transactions
from cash to our network.
Predetermining the winning
technologies or experiences
is difficult and risky, and not a
role we have to play, but we
do want to support as much
innovation as possible and to
promote competition that will
drive to a better and broader
set of experiences that grow
commerce and demand for
our products. To that end, in
2014 we created Visa Digital
Solutions, a suite of offerings
to facilitate secure payments
across a broad range of