Ben Gilbert: observation

Transcript context

…Solving the same problem. Again, the problem is this gigantic list of a whole bunch of transactions just happened. People just agreed to make them happen, and now we need to settle up at the end of the day. If you paid me $100 500 times, and I paid you $100 400 times, what is the net that actually needs to get transferred? That is a far more efficient way. Batching them up is a far more efficient way than transferring the money back and forth every single time, but still can be a complicated problem, especially when you have thousands of banks on each side of that equation. It really is the exact same problem that both of these teams are solving with the same users, the same banks. It's totally wild. Once BASE II is done—and again, it also happens in less than a year that it's live and up and running—average settlement time for transactions on the Visa network go from taking a week on average to happening in batch overnight, every single night. Every transaction on the network settled every single night. The speed is super important. This has lots of implications for float amongst the banks, some good, some bad between the banks, between the merchants, the issuing banks.…

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