San Francisco, California - June 23, 2002 (PRN): Entering an important new phase in the global evolution of its industry-leading VisaNet transaction processing infrastructure, Visa International Monday named Inder P. Singh as global Chief Information Officer -- a position responsible for expanding the flexibility and competitiveness of VisaNet, the most reliable and secure payments network of its size in the world.

"Visa is driving towards a new level of processing capability, and Inder brings the experience and leadership to make it happen," stated Malcolm Williamson, President and CEO of Visa International. "Working with our six operating regions and our IT subsidiary Inovant, Inder's team is delivering a new payments architecture -- one that allows Visa to expand quickly into new lines of business and new countries while building upon Visa's industry lead in processing capacity and reliability."

As global CIO, Singh will head the International Technology Management Group at Visa International and report to Williamson. Singh will be responsible for coordinating IT processes and standards in four strategic directions:

• Ensure global interoperability of all Visa technology
• Maintain global service standards for transaction processing and data management
• Deliver airtight systems integrity
• Guide ongoing strategic initiatives, including the deployment of Visa's new distributed systems architecture

Singh will play a leading role in improving the flexibility and capacity of VisaNet by helping retool key systems, IT resources, and the underlying system architecture. "We are harnessing the unparalleled scale and efficiency of VisaNet to drive more processing power down to the regional level," Singh said. "This approach will improve our ability to rapidly customize solutions for the evolving needs of our member financial institutions and enhance Visa's competitiveness in the dramatically changing payments marketplace."

Singh joined Visa in November 2001 to help formulate the roles and responsibilities of the CIO position and the International Technology Management Group at the direction of the International Board of Directors. Singh brings nearly 25 years of senior executiv management experience in technology and business within the banking industry, including executive positions at both SeaFirst Bank and at Bank of America Corporation. Among his many accomplishments, Singh developed Bank of America's overall delivery strategy for expansion in Asia and established the global retail business/technology and payment strategies for the bank. Singh founded and headed Exlservice.com, a business subsequently acquired by Conseco that offered outsourcing services for customer care and backroom operations support. He also served as Chief Operating Officer for Card Capture Services, owner of the third-largest automated teller network in the United States and now part of E-Trade.

About Visa

Visa is the world's leading payment brand. Visa-branded cards generate more than US$2 trillion in annual volume and are accepted at more than 24 million physical locations around the world, including more than 750,000 ATMs. The Visa organization plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce -- the ability to conduct commerce anywhere, anytime, and any way. For more information, visit www.corporate.visa.com.