Visa 2014 Annual Report Download - page 6
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We sit between two groups
of business partners, issuers
and acquirers, who maintain
relationships with the end
users of our products. The
issuers maintain and believe
they own the relationship
with the consumer, and the
acquirers maintain and believe
they own the relationship
with the merchants – who
ultimately have a direct
relationship with those same
consumers. Our success is
parallel to their success. They
need to grow for us to be
successful.
Visa’s current B2B model enjoys
many benefi ts. It is signifi cantly
easier and faster to scale than
direct to end user models. It
limits our exposure to credit
and fraud risk, and reduces
the need for us to build
capabilities such as large scale
customer support. As a result,
we have built a network that
provides reliability, ubiquity
and a consistent experience
for consumers and merchants
across the globe. Our fi nancial
institution partners, on the
other hand, have focused on
building strong relationships
with end users (consumers
and merchants), developing
the underlying infrastructure
and operations to support
those relationships, and
diff erentiating themselves
based on value-added services
over and above the network
off ering.
Financial Institutions
I have talked of our rich history
of building strong relationships
with our fi nancial institution
clients, but we know that they
no longer control Visa and
expect much more from us
than ever before. They also
have choices and are always
evaluating our value versus
our competitors. When we
compete for their business,
they will make the decision
based upon the quality of our
brand and the price of our
services, but they also evaluate
who will be the best payments
partner to help them achieve
their strategic objectives –
which usually revolve around
growth. They ask who
provides the best analysis, who
has marketing ideas, who has
the best product ideas, who
has the best technology and
who can they learn the most
from as the world evolves. It
is these interactions - acting
as an extension of our clients
inside of their organizations
- which will embed us inside
the fi nancial institutions
and provide the most
diff erentiation between our
competitors and us.
In 2014, we continued to have
great success strengthening
our partnerships with issuers
and acquirers, signing
numerous multi-year
agreements.