David Rosenthal: belief

Transcript context

…And invent the technology to keep these things synchronized so they are actually redundant. Dee is not technical enough to talk about that, but this is super important. Up until this point in time, the state of the art in the fledgling data center world was yes, to have redundant other location backups, but the way that it was typically done was you had your primary data center that operated at full capacity all the time. The backups were just cold storage. They were dormant backups that only were there to come online if you had to failover from the primary system. Visa, though, and the Visa tech team, they're like, if we're going to go through all this trouble and expense of building another data center, let's use it. They re-architected BASE I and completed architecting BASE II to run concurrently across multiple datacenters as shared operations running across multiple data centers, which I think may have been either the first or one of the first examples of that ever happening. Totally wild, right? I don't know that it was the first, but it was definitely not state of the art before. This whole data center world was still pretty new, and Visa definitely, through ingenuity, invented a way to do this. Of course, this is now how every data center in the world runs today. Pretty amazing. That was data center innovation, which happens in concert with settlement digitization. The third big leg of the technology stool that Visa builds is finally digitizing the point of the transaction itself. That requires both figuring out some way to make the cards digital or capable of being read in a digital manner and digitizing the point of sale terminal in the merchants. The Verifone, traditionally, they had a huge market share.…

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