Y2K (Year 2000) Stocks: An Investment Discussion Message Board

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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion

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To: solstice who wrote (5611)	8/19/1997 9:58:00 AM
From: Risky Business	of 13949

Here is an article on Visa and Mastercard's Y2k status: Visa, MasterCard soon to issue cards expiring after year 2000 NEW YORK (AP) -- Visa and MasterCard plan to soon lift restrictions against banks issuing credit cards that expire in 2000 or later, saying they've largely fixed transaction glitches stemming from a worldwide computer problem. The two largest credit card companies imposed the restrictions last October after a technology fluke caused computers to reject people's cards that expire after 1999. Because of a bug afflicting companies worldwide, the vast majority of the world's software and hardware translates 2000 into the first day of 1900. Glitches in the process are just one problem faced by credit card companies in overhauling their systems to cope with the millennium bug. The limits will be lifted starting Oct. 1, and cardholders are expected to start getting the new Visa and MasterCards by early next year. Spokespeople for Visa and MasterCard said Monday they had been aggressively working with banks and retailers to revamp their computers and other equipment to fix the problem. The credit card companies said that nearly all the sites they tested now were equipped to handle cards with later expiration dates. But to be safe, MasterCard is suggesting that its 23,000 financial institutions first test cards regionally beginning in October before they start widescale issuance. American Express Co. doesn't currently issue cards that expire later than 1999. A spokeswoman said she did not know when the company plans to start. Dean Witter, Discover & Co. plans to issue cards that expire after 1999 by the end of the year, a spokeswoman said. The vast overhaul of the credit card industry's software and hardware equipment is just part of the $300 billion to $400 billion companies are spending around the world to counter the high-tech bug, according to Gartner Group, a Stamford, Conn.-based Technology consulting firm.

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