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Michael Donnelly, senior business leader and head of global treasury settlement; Kathrina Novak, senior business leader; Joyce Mueller, business leader; and Richard Laiderman, treasurer

Visa operates a massive wholesale funds transfer settlement network—making and receiving over 2,000 payments daily from the financial institutions that issue its cards and pay merchants. Total settlements top $3 trillion annually, so the benefits of netting those payments and making or collecting just one payment daily for each financial institution (FI) would be huge. But netting had long been impossible because FIs weren’t making or collecting one payment but thousands of discrete payments that had to be tied to separate business units or purposes. The source or destination of payments had to be identified or it would disrupt efficient processing by the FIs.

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