Visa, Inc. Executive Earnings Insights: FANAF Fee Structure, CID
FANAF Fee Structure
Jason Kupferberg – Jefferies: Really appreciate all the color on the DOJ situation I think that was very helpful. I was hoping you could talk a little bit about the new FANAF fee structure which I understand just went into effect about a month ago. But what’s been the reaction from the merchant community now that we’re actually in implementation finally and do you anticipate any roadblocks with the implementation there putting the DOJ situation aside?
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Joseph W. Saunders – Chairman and CEO: We implemented that on April 1st. So there hasn’t been any reaction because I don’t believe the fee’s been built to anyone. Well there hasn’t been a lot of reaction to it. It is part of our total structure we put to deal with the Durbin regulation. We are not making money per se off of that fee, the combination of discounts and incentives that we have put together I think actually related in a modest velocity, the wrote off a $100 million a year. So we aren’t doing this with the intent of raising prices. I don’t think that, I know that we haven’t had any difficulties in getting the structure going. So, I think we’ll have to wait and see how everything works out.
Tien-Tsin Huang – JPMorgan: Just a follow-up to that on the CID. Does it in anyway change your desire to utilize the, I guess, you call it (PAF-D) or is it business as usual there with that product? Also just the service fee yield, Byron, it was up quite a bit more than what we had modeled. Was there a price change there or a re-class or maybe just a mix change? Any help there would great. Thanks.
Byron H. Pollitt – CFO: Yeah. Let me start with the second one, Tien-Tsin. So, there has been a mix change if you look at the payment volume growth. Normally it’s 11% and our service fee growth was 13%. So, if I look at it that way, roughly 1% of the – or roughly half of the increase has been a boost in yield because of the lower mix of Interlink transactions is I think you are referring to, and our hedging actually produced another percentage point of gain and the rest I would say is noise.
Joseph W. Saunders – Chairman and CEO: As it relates to the strategies that we’ve implemented, we just implemented (indiscernible). I don’t have any desire to change what we’ve done, but we put these in place in anticipation of an environment and we’ll look at them and we’ll monitor them and we’ll change them if it’s appropriate to change them, otherwise we’ll continue down the path. I think that it would be safe to say that we were more successful in dealing with our own projects going forward than we could have projected in the past. So we will just have to look at everything and take it all into consideration and we will do what’s appropriate. Once again though, I mean, I feel that the guidance projections that we have made for 2012 and 2013 are safe to support in almost any environment of things that might or might not happen.