Visa Inc. (NYSE: V), the world's largest retail electronic payments network, announced today that it has partnered with United Bank Limited Pakistan (UBL) and local Pakistani government agencies to efficiently, securely and transparently distribute relief funds to the internally displaced persons (IDPs) of Northwest Pakistan.

The use of Visa-branded prepaid cards and the company's global electronic payment network helped to ensure that the aid was distributed quickly and accurately to the program's beneficiaries. It also reduced the cost of aid distribution for UBL and the Pakistani government.

- Adjusted quarterly net income of $744 million or $0.98 per diluted class A common share

- Excluding the impact from the sale of the Company's equity interest in VisaNet do Brasil, adjusted quarterly net income of $507 million or $0.67 per diluted class A common share

- GAAP quarterly net income of $729 million or $0.97 per diluted class A common share

SAN FRANCISCO, July 29 /PRNewswire-FirstCall/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal third quarter 2009 ended June 30, 2009. On an adjusted basis (reflective of restructuring and purchase amortization), net income for the quarter was $744 million, or $0.98 per diluted class A common share. Excluding the impact from the sale of the Company's equity interest in VisaNet do Brasil, adjusted quarterly net income was $507 million or $0.67 per diluted class A common share. GAAP net income for the quarter was $729 million, or $0.97 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 756 million. The Company's adjusted net income and adjusted diluted net income per class A common share are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables. Read More

Visa Inc. (NYSE: V) and U.S. Bank, the lead bank of U.S. Bancorp (NYSE: USB), today announced the creation of Syncada - a joint venture that provides a business-to-business (B2B) network for corporations and governments to process and track invoices, make and receive payments around the world, and have payables or receivables financed through local and global financial institutions.

Syncada is unlike any other network in that it combines Visa's proven experience in delivering commercial payment services to financial institutions and managing a multi-bank network, with U.S. Bank's PowerTrack, an automated B2B e-invoicing, payment processing and trade finance network. The venture allows financial institutions of all sizes to offer their commercial clients standardized B2B invoice processing, financing and payment services across a variety of payment types and local currencies. Financial institutions can also build transaction and credit-based treasury management business by offering the network's services to buyer and supplier clients. Read More

Joseph W. (Joe) Saunders, Chairman and Chief Executive Officer (CEO) of Visa Inc. (NYSE:V), today announced that he is reorganizing the company's executive management team's responsibilities to heighten organizational effectiveness and increase the pace of Visa's global alignment.

"We've come a long way since October of 2007 when we merged five independent Visa operating regions, Visa International and its global payment processing subsidiary, Inovant, into one company called Visa Inc. and very successfully took the company public," said Saunders.  "Since the IPO, we've expanded our core debit and credit business, reduced operating costs by hundreds of millions of dollars, and heightened our focus on product innovation.  We have met or exceeded most of the financial goals we established at the IPO, and continue to meet or exceed all our current financial guidance. Read More

Visa Inc. (NYSE: V) today announced global requirements for financial institutions to ensure their merchant customers and agents use secure payment applications that do not store prohibited data elements and adhere to the Payment Card Industry (PCI) Payment Application Data Security Standard (PA-DSS).

The PA-DSS is a global set of security requirements for software vendors who develop payment applications. PA-DSS compliant applications do not store prohibited data such as track data, sensitive authentication data, or PIN data, helping merchants and agents who use them mitigate compromises and support overall compliance with the Payment Card Industry Data Security Standard (PCI DSS).  Read More