V · 10-Q · 2026Q1 · Full report

Regulatory Risk — Brazil Settlement Requirements

VISA INC. · 2026-04-29 · Importance 44 · Surprise 60

The filing notes recent regulatory developments in Brazil that include enhanced requirements for payment scheme operators which may increase Visa’s settlement-related risks and residual exposure. Visa indemnifies issuing and acquiring clients for settlement losses limited to the amount of unsettled Visa payment transactions at any point in time and maintains settlement risk policies that can require clients to post collateral if credit standards are not met. The Company highlights that local regulatory changes in Brazil could increase settlement exposure and related operational requirements. Management regularly reviews these policies to manage settlement risk.

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