The Green Sheet Advisory Board weighed in as a recession loomed and many thought bank asset control was dangerously in the hands of only a few banks. One board member stated views shared by many: "Over-regulation is going to hurt everyone, from the large, national sales organization to the single agent on the street and on down to the merchant."
Following an April 2002 lawsuit filed by Visa against First Data, the processor countersued. Visa's lawsuit attempted to block First Data from processing card transactions through its own network rather than use Visa's VisaNet. The counterclaim accused Visa of "anti-competitive and monopolistic practices that limit competition, innovation and choice in the payments industry."
Tokyo-based JCB International Credit Card Co. Ltd. partnered with Vital Processing Services to promote smart card usage in the United States. Vital, now TSYS Acquiring Solutions, conducted its first live, end-to-end smart card transaction with JCB on Oct. 29, 2002, in preparation for a pilot program planned for launch in early 2003 in Hawaii.
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