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The decision to approve or deny a transaction typically is made by the bank. But bank networks can crash because of natural disasters, buggy software or other reasons. Visa said its backup system will be available to banks who sign up for the service starting in October.
The technology is “an incredible first step in helping us reduce the impact of an outage,” said Rajat Taneja, president of technology for Visa. “There’s a business impact because of the transactions flowing through, but our motivating driver was consumer experience,” Mr. Taneja said.
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