[Federal Register Volume 60, Number 111 (Friday, June 9, 1995)]
[Notices]
[Pages 30592-30593]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-14102]



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DEPARTMENT OF JUSTICE

Notice Pursuant to the National Cooperative Research and 
Production Act of 1993--VISA Interactive, Inc.

    Notice is hereby given that, on October 28, 1994, pursuant to 
Section 6(a) of the National Cooperative Research and Production Act of 
1993, 15 U.S.C. 4301 et seq. (``the Act''), Visa International Service 
Association (``Visa International'') has filed written notifications 
simultaneously with the Attorney General and the Federal Trade 
Commission disclosing (1) The identities of the parties and (2) the 
nature and objectives of the venture. The notifications were filed for 
the purpose of invoking the Act's provisions limiting the recovery of 
antitrust plaintiffs to actual damages under specified circumstances. 
Pursuant to Section 6(b) of the Act, the identities of the parties are 
the member financial institutions of VISA International, Foster City, 
CA, and their constituent National Group members of VISA International. 
The name of the joint venture is VISA Interactive, Inc., Herndon, VA. 
The member financial institutions of VISA International comprise 
approximately 18,000 commercial banks, thrifts, credit unions and 
similar banking institutions in the United States and most foreign 
jurisdictions. In many countries where member financial institutions of 
VISA International operate, they have formed National Group Members, 
which are also member of VISA International. The actual list of members 
changes constantly as new members join and members cease business or 
resign for various business-related reasons.
    Visa Interactive, Inc., wholly-owned by the joint venture was 
formed for the purpose of researching and developing data processing 
and data communications systems for, and the production of, electronic 
banking and payment services and information services ancillary 
thereto, to be initiated by consumers or commercial and non-profit 
entities that are customers of the member financial institutions of 
Visa International. The services produced by the joint venture would be 
marketed by the member financial institutions to their customers. The 
technology under development would: (1) Allow customers to communicate 
with their financial institution using devices such as touch-tone 
telephones, personal computers, ``smart telephones'' (telephones which 
have additional functionality based on computing and information 
storage capabilities), ``personal digital assistants'' (portable 
computing and communications devices) and other devices as they emerge; 
(2) allow customers using such electronic devices to transact business 
with their financial institution similar to transactions presently 
transacted at automated teller machines and additional functions 
presently under development; (3) allow customers to order their 
financial institution to pay bills on their behalf, schedule the 
payment of such bills and cancel scheduled payments prior to their 
execution, and track the status of such payment orders; (4) process the 
transactions described above, including the routing of payments to 
numerous potential payees of bill payment transactions, and provide 
automated accounting and customer service capabilities to member 
financial institutions whose customers use the service; (5) provide 
authorization, clearing and settlement of resulting financial 
transactions; (6) develop standards for data communications between 
customers' electronic devices and service providers and between 
financial institutions and the processing systems; (7) develop 
standards for [[Page 30593]] identifying payees capable of receiving 
electronic payments through the system and for routing payments to 
them; and (8) facilitate the interactive communication of additional 
information which does not necessarily represent financial 
transactions.
Constance K. Robinson,
Director of Operations, Antitrust Division.
[FR Doc. 95-14102 Filed 6-8-95; 8:45 am]
BILLING CODE 4410-01-M