We are giving a specific direction to Visa Europe (Visa).
Background
On 1 June 2018, Visa suffered a partial failure of its ability to process authorisations, lasting around six hours. During this time, 2.4 million attempted UK transactions failed. Merchants lost potential sales and consumers lost purchasing opportunities. The direction is designed to ensure that Visa’s participants, stakeholders and service users receive enough information in the event of any future major incident.
Responses to the consultation
We consulted on a draft version of this specific direction in our consultation PSR CP19/2. We ran the consultation from 5 February 2019 to 1 March 2019. We received submissions from four organisations. We discuss the responses we received in the Responses to our Consultation document.
Our response and decision
Taking account of the submissions we received, we consider that proceeding with the specific direction is the right thing to do and we have now given Specific Direction 9 to Visa.
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CP19-2: Responses to our consultation on Specific Direction 9 (Crisis Communications: Visa)
We consulted on a draft version of this specific direction in our consultation PSR CP19/2. -
CP19/2 - Draft Specific Direction 9 - Crisis Communications (Visa)
On 1st June 2018, Visa Europe (Visa) experienced an incident resulting in a partial failure to its ability to process authorisations.