It's the company that dictates how money flows around the world.
這是一家主導全球資金流動的公司。
00:05
For nearly eight decades, Visa has dominated the market, virtually unchallenged.
近八十年來，Visa 在市場上幾乎未受挑戰地佔據主導地位。
00:11
Top dogs in finance used to be big banks with trillion-dollar balance sheets.
財經界的頂尖曾經是擁有數萬億美元資產的大型銀行。
00:15
No longer.
但現在已經不是這樣了。
00:15
Earlier this month, Visa, a humble payments processor, became the world's most valuable financial services company.
本月早些時候，Visa 這家不起眼的支付處理商成為了全球最有價值的金融服務公司。
00:21
In 2023, Visa processed an impressive $14.8 trillion in total transaction volume over the previous 12 months.
2023 年，Visa 在過去 12 個月內處理了高達 14.8 萬億美元的總交易量。
00:32
By ruthlessly crushing its competition, Visa has managed to become the king of credit cards.
通過無情地擊敗競爭對手，Visa 已經成為信用卡之王。
00:50
In 1928, Amadeo Janini is the most powerful banker on the West Coast.
1928 年，Amadeo Janini 是西海岸最有權勢的銀行家。
00:56
His bank has recently just achieved an impossible milestone, having $1 billion worth of assets.
他的銀行最近剛剛達成了一個不可能的里程碑，擁有價值 10 億美元的資產。
01:03
Bank of America.
美國銀行。
01:05
On the East Coast, you have banks like JPMorgan, Citibank, and Chase Bank in close competition.
在東海岸，你有像摩根大通、花旗銀行和大通銀行這樣的銀行在激烈競爭。
01:14
But on the West Coast, Bank of America was the dominant force in a growing market.
但在西海岸，美國銀行是成長市場中的主導力量。
01:19
Thanks partly to the unprecedented immigration to California.
這部分要歸功於加州前所未有的移民潮。
01:24
Janini now has the money and the power.
Janini 現在擁有了金錢和權力。
01:27
It is a stark contrast to the humble beginnings from which he clawed his way to the top.
這與他從卑微的起點一路爬升到頂峰形成了鮮明的對比。
01:36
Born into an Italian immigrant family, Amadeo Janini manages to build a successful career as a grocery merchant.
出身於意大利移民家庭，Amadeo Janini 成功地成為一名雜貨商人。
01:44
He knows his success is meaningless unless he can also help out his own people, the Italian immigrants.
他知道，如果不能幫助自己的同胞——意大利移民，他的成功就毫無意義。
01:52
He was the son of humble origins of this first wave of immigration.
他是第一波移民潮中卑微出身的兒子。
01:56
Janini's uniqueness was to be able to understand that Italian immigrants were discriminated against and despised.
Janini 的獨特之處在於他能夠理解意大利移民受到歧視和鄙視。
02:03
He therefore stood by them to grow both the Italian American community and all of California.
因此，他站在他們身邊，共同發展意大利裔美國社區和整個加州。
02:08
He was one of the first bankers to lend money to middle class and immigrants.
他是最早向中產階級和移民提供貸款的銀行家之一。
02:12
Before long, Janini grasps a pivotal truth.
不久後，Janini領悟了一個關鍵的道理。
02:16
Launching his own bank would allow him to lend even more money to his people with greater impact.
創辦自己的銀行將使他能夠向他的人民提供更多貸款，產生更大的影響。
02:23
In 1904, he establishes the Bank of Italy in San Francisco.
1904年，他在舊金山創立了義大利銀行。
02:28
His hard work and generosity towards the working class people become the cornerstone of his burgeoning success.
他對工薪階層的辛勤工作和慷慨成為他日益成功的基石。
02:36
His bank was a completely different bank from any other based on absolute generosity.
他的銀行完全不同於其他任何銀行，基於絕對的慷慨。
02:41
But above all, on a new vision developed by staying in touch with ordinary people.
但最重要的是，基於一種通過與普通人保持聯繫而發展出的新願景。
02:47
Janini seizes the perfect moment as California surges into its most unprecedented growth era.
Janini抓住了完美的時機，因為加州進入了前所未有的增長時代。
03:00
As California's economy explodes, Janini's bank becomes a huge success.
隨著加州經濟的爆發，Janini的銀行取得了巨大的成功。
03:06
By the late 1920s, his bank boasts over $1 billion in assets.
到1920年代末，他的銀行擁有超過10億美元的資產。
03:11
And through a series of mergers, it acquires a new name, Bank of America.
通過一系列的合併，它獲得了一個新的名字，美國銀行。
03:17
From the very beginning, Janini had a singular vision.
從一開始，Janini就有一個獨特的願景。
03:21
He wanted Bank of America to become a financial supermarket that offers all kinds of services to the masses.
他希望美國銀行成為一個金融超市，為大眾提供各種服務。
03:29
This meant not just traditional banking services like savings and checking account, but also extending into other areas like mortgage lending, auto loans, insurance, and investment services.
By offering loans to the burgeoning middle-class consumers, the bank's business flourishes exponentially.
通過向不斷增長的中產階級消費者提供貸款，銀行的業務指數級地繁榮起來。
03:49
In the following decade, Bank of America's assets soar to over $5 billion, becoming the largest bank in the world.
在接下來的十年裡，美國銀行的資產飆升至超過50億美元，成為世界上最大的銀行。
04:02
In 1954, S. Clark Baez is elected president of Bank of America.
1954年，S. Clark Baez當選為美國銀行的總裁。
04:08
Long before this moment, Baez has been a dedicated manager, working side-by-side with Janini to forge the empire of Bank of America.
早在這一刻之前，Baez就是一位敬業的經理，與Janini並肩工作，共同打造美國銀行的帝國。
04:17
In the mid-1950s, the bank was one of the largest in the United States, expanding its services and branches nationwide.
在1950年代中期，該銀行是美國最大的銀行之一，在全國範圍內擴展其服務和分行。
04:26
So as the leader of Bank of America, S. Clark Baez was a very pragmatic and forward-thinking individual.
因此，作為美國銀行的領導者，S. Clark Baez是一位非常務實和具有前瞻性思維的個人。
04:35
For Baez, the shadow of his predecessors, especially Janini, looms large, and he is determined to create a legacy to call his own.
對於貝茲來說，前任們的陰影，特別是賈尼尼的影響力非常大，他決心要創造屬於自己的遺產。
04:45
Tech savvy, Baez begins to explore the possibility of a new type of business as the country witnesses one of its biggest economic booms.
精通科技的貝茲開始探索新型業務的可能性，而當時國家正經歷著史上最大的經濟繁榮。
04:58
The 1950s in the United States is a decade of post-war prosperity.
1950年代的美國是戰後繁榮的十年。
05:03
It's a time when the middle-class flourishes, enjoying higher earnings, and increased spending power thanks to rising wages and widespread employment.
這是一個中產階級蓬勃發展的時代，由於工資上漲和就業普及，人們享有更高的收入和消費能力。
05:14
Consumerism is on the rise, fueled by a booming housing market, and the widespread availability of new consumer goods, like automobiles and household appliances.
消費主義正在興起，受到房地產市場的繁榮以及汽車和家用電器等新消費品的廣泛供應所推動。
05:24
Around this time, we saw a huge spike of consumer credit. What does that mean?
這段時間，我們看到消費信貸大幅增加。這意味著什麼？
05:30
Consumers could buy goods and services without having to pay in advance.
消費者可以購買商品和服務，而無需預先支付。
05:36
Gas stations introduce gasoline cards, allowing customers to fuel up on credit, and airlines offer their cards to facilitate travel on credit, while fostering loyalty.
General stores like Sears also issue these cards for purchases in their retail stores.
百貨公司如西爾斯也發行這些卡片，供顧客在其零售店購物。
05:55
These store cards empower customers to buy goods on credit.
這些商店卡片使顧客能夠以信用方式購買商品。
06:01
As the new chief executive at Bank of America, S. Clark Baez aims to build a new business for the bank.
作為美國銀行的新任首席執行官，S. Clark Baez 旨在為銀行建立一項新業務。
06:10
And one of his managers has the exact plan to realize this vision.
而他的一位經理有著實現這一願景的具體計劃。
06:21
Joseph Williams was born in Newark, New Jersey, attended the University of Pennsylvania, and served as an infantry officer in the U.S. Army during World War II.
Joseph Williams 出生於紐澤西州紐華克，就讀於賓夕法尼亞大學，並在第二次世界大戰期間擔任美國陸軍步兵軍官。
06:31
After the war, Williams looked for an industry that was growing, and he soon became an employee at Bank of America.
戰後，Williams 尋找一個正在成長的行業，不久後他成為了美國銀行的員工。
06:38
As he witnesses the rise of various special purpose cards, Williams sees a need to create a single general purpose card to replace all of them.
當他見證各種專用卡片的興起時，Williams 看到需要創建一張通用卡片來取代所有這些卡片。
06:48
The value of a single card that could replace all those other forms of credit would be so instantly obvious.
一張可以取代所有其他信用形式的卡片，其價值將立即顯而易見。
06:56
He was among its growing core of middle managers.
他是銀行中不斷壯大的中層管理人員之一。
07:01
Prior to the introduction of credit cards, securing a personal loan required a meeting with a loan officer, this method was a very time-consuming.
在信用卡推出之前，獲得個人貸款需要與貸款官員會面，這種方法非常耗時。
07:13
But Williams has a bold idea. He envisions a card that contains a $300 credit, and freely given to every Bank of America customer.
但 Williams 有著一個大膽的想法。他設想了一張包含 300 美元信用額度的卡片，並免費發放給每一位美國銀行的客戶。
07:22
The idea of a one-month grace period, a time during which customers could pay off their balances without facing interest charges, emerged from that research.
一個月的寬限期的想法，即顧客可以在這段時間內償還餘額而無需支付利息，源於那項研究。
07:33
As did the idea of charging 18% a year on credit card loans, a figure that would be seemingly set in stone for the next 30 years, even as every other manner of interest rate fluctuated wildly.
If this form of credit card works, Bank of America will be able to charge high interest rates, and it has the potential to become a highly profitable business, and it will also catapult Williams to the pinnacle of the corporate ladder at Bank of America.
In September 1958, Bank of America initiates what they call, Fresno Drop. It is an unprecedented mass mailing campaign.
1958年9月，美國銀行啟動了他們所謂的「弗雷斯諾投放」計劃，這是一場前所未有的大規模郵寄活動。
08:14
This was one of the craziest events in banking. It picked a city in California, Fresno, with 250,000 people, and give each of them a credit card called Bank of America.
Approximately 60,000 unsolicited Bank of America credit cards find their way into nearly every household in the city.
大約6萬張未經請求的美國銀行信用卡進入了該市幾乎每個家庭。
08:35
This audacious move essentially provides a line of credit without prior applications or approvals for the very first time in the history of banking.
這一大膽的舉措，在銀行史上首次提供了無需事先申請或批准的信貸額度。
08:47
The card comes with a $300 credit limit, a one-month grace period, and an 18% annual interest rate.
這張卡提供了300美元的信用額度，一個月的寬限期，以及18%的年利率。
08:55
It's a card for every need, usable for various purchases at multiple merchants.
這是一張適用於各種需求的卡，可以在多個商家進行各種購物。
09:04
Williams and his group saw that a credit card could be used in two ways. It could be used either as a device offering convenience, as a diners club card did, or as a device generating an instant personal loan.
With credit cards seemingly materializing from thin air, customers are eager to spend this, what appears to be free money.
信用卡似乎憑空出現，顧客們急於花費這些看似免費的錢。
09:26
During the first few weeks, the project seems like a success.
在最初的幾週裡，這個項目看起來很成功。
09:31
Bank of America immediately drops more credit cards to other cities in California, aiming to dominate the market before competitors can catch up.
美國銀行立即向加州的其他城市投放更多信用卡，目的是在競爭對手趕上之前主導市場。
09:52
Before launching Bank of America, the bank's typical customers had a delinquency rate of about 4%.
在推出美國銀行信用卡之前，該銀行的典型客戶逾期率約為4%。
10:00
Williams used that as an assumption for the new credit card holders, but what he doesn't know is that the actual delinquency rate skyrockets to a staggering 20%, with nearly one in five customers failing to repay their credit card loans by month's end.
Williams was a tragic figure. He had the right idea, but his execution didn't match up.
威廉斯是一個悲劇性的人物。他有正確的想法，但他的執行力卻不匹配。
10:50
The initial launch of Bank of America was a disaster.
美國銀行的初始推出是一場災難。
10:55
To recoup losses, the bank begins retracting cards from delinquent customers and enlist collection agencies to pursue outstanding debts and interests.
為了挽回損失，銀行開始從逾期客戶那裡收回信用卡，並聘請催收機構追討未償還的債務和利息。
11:06
Despite personal drops marketing fiasco, it inadvertently proves a compelling thesis that the majority of people do desire a credit card.
儘管個人信用卡推廣失敗，但無意中證明了一個引人注目的論點：大多數人確實希望擁有一張信用卡。
11:15
A year after launch, Bank of America slowly begins to recoup its losses, transforming into a profitable enterprise, but the bank soon discovers a revolutionary new way to make money from the credit card.
By the mid 1960s, Bank of America continues to generate profit. It begins to catch the attention of other banks.
到1960年代中期，美國銀行持續產生利潤，開始引起其他銀行的注意。
11:38
To many of its competitors, they realize that they are too late to the game because they don't have the resources to build their own credit card issuing and payment processing system.
And after the retirement of S. Clark Bice, the new man at the helm, Rudolph A. Peterson, is determined to take advantage of this situation.
在S. Clark Bice退休後，新任掌舵人Rudolph A. Peterson決心利用這一局勢。
11:57
He quickly sees this as an opportunity for a new type of business income.
他迅速將此視為一種新型商業收入的機會。
12:02
He realizes that Bank of America could let other banks issue their own credit cards by allowing them to use Bank of America's well-built infrastructure for a fee.
他意識到，美國銀行可以讓其他銀行通過使用美國銀行的完善基礎設施來發行自己的信用卡，並收取費用。
12:13
Licensing means letting other banks use Bank of America's system. In the early 1960s, Bank of America begins to allow licensing for other banks to issue cards under the Bank of America program.
This means that these banks can issue credit cards using the Bank of America's name and, more importantly, let Bank of America handle the transactions while these banks focus on providing the loans.
This licensing model proves to be a resounding success. Within a few years, Bank of America evolves into one of the most profitable entities in the industry.
這種授權模式被證明是一個巨大的成功。在短短幾年內，美國銀行發展成為該行業中最盈利的實體之一。
12:49
But as more banks adopt and issue their credits using Bank of America's, a different kind of problem comes to the surface.
但隨着越來越多的銀行採用並使用美國銀行的信用卡發卡，一種不同的問題開始浮現。
13:01
Following Bank of America's launch and explosive popularity, criminals quickly identify a unique opportunity.
在美國銀行推出並爆紅後，犯罪分子迅速發現了一個獨特的機會。
13:08
Instead of robbing the bank outright, criminals break into warehouses and steal Bank of America's that are not yet sent to customers.
犯罪分子不再直接搶劫銀行，而是闖入倉庫，盜竊尚未寄給客戶的美國銀行信用卡。
13:17
At the time, the infrastructure for tracking and canceling individual cards was not very efficient as it is not today.
當時，追蹤和取消個別信用卡的基礎設施並不像今天這樣高效。
13:24
The stolen cards were unabossed, meaning that they had not been assigned to specific count holders yet.
被盜的信用卡尚未被分配給特定的持卡人。
13:32
These criminals then attempt to sell the stolen cards back to the bank, putting the bank in a difficult position.
這些犯罪分子隨後試圖將被盜的信用卡賣回給銀行，讓銀行陷入困境。
13:39
Credit card theft is a new type of crime. The bank fears that the unauthorized use of stolen credit cards would cost them more than paying the ransom, so they decide to repurchase the cards from the criminals to prevent further misuse.
Yet fraud is merely a tip of the iceberg in the myriad of issues faced by Bank of America and its licensing banks.
然而，詐騙僅僅是美國銀行及其授權銀行面臨的眾多問題中的冰山一角。
14:02
Because the vast majority of credit card transactions involve two separate banks. With every transaction, the merchant bank would reimburse the store for every credit card sale it made.
Then the merchant bank would send out the sales drafts to the member banks around the country whose customers had made those purchases.
然後，商戶銀行會將銷售憑證寄送給全國各地的會員銀行，這些銀行的客戶進行了這些購買。
14:19
The customer's banks, in turn, would reimburse the merchant bank, taking a fractional amount of the transaction for itself, the interchange fee.
客戶的銀行，反過來會向商業銀行報銷，並從交易中抽取一小部分作為交換費。
14:29
Finally, the customer's bank would bill the customer for the item. When the customer paid, the transaction was complete.
最後，客戶的銀行會向客戶收取該項目的費用。當客戶付款時，交易就完成了。
14:37
As transactions continued to surge, the system nears a critical breaking point. If Bank of America can't find an efficient way to scale, the entire business could crumble.
To address this crisis, a man from an unlikely place steps forward with a solution that could change everything.
為了解決這場危機，一個來自意想不到地方的人提出了一個可能改變一切的解決方案。
15:01
The man most capable of solving Bank of America's problem hails from the most improbable origin imaginable, Utah, the Mormon state of America.
能夠解決美國銀行問題的人來自最不可能的地方，即美國的摩門教州——猶他州。
15:12
Growing up on a farm, D-Hock's childhood is marked by solitude and the love of nature.
在農場長大，D-Hock 的童年充滿了孤獨和對大自然的熱愛。
15:19
As a Mormon, D-Hock develops a lifelong habit of early mornings and hard work.
作為一名摩門教徒，D-Hock 養成了早起和勤奮工作的終生習慣。
15:26
But he quickly rebels against his faith and his school.
但他很快就反叛了他的信仰和學校。
15:32
Early on, I never felt I belonged in that family. My father is very tall and physically oriented, and I was somewhat introverted and loved to be alone and wander outside in the fields. And I was not close to my father. We were constantly confronting one another.
He was of the school that said there's only one way, one right way to do everything. And of course, that was his way, and I always resented him.
他認為做任何事都只有一種正確的方法，當然，那就是他的方法，而我總是憎恨他。
16:00
He frequently gets into trouble, despising classes, and preferring the solitude of nature and self-directed studies.
他經常惹麻煩，厭惡課堂，更喜歡大自然的孤獨和自主學習。
16:08
D-Hock did not like falling rules at all. His the type that would change the world around him rather than changing himself.
D-Hock 非常不喜歡遵守規則。他是那種改變周圍世界而不是改變自己的人。
16:16
As a result, after college, D-Hock struggles to hold onto jobs.
因此，大學畢業後，D-Hock 很難保住工作。
16:23
Despite being a high performer, D-Hock despises office structure and often clashes with his superiors, leading to his terminations.
盡管表現優異，D-Hock 厭惡辦公室的結構，經常與上司發生衝突，導致他被解僱。
16:31
By the early 1960s, with a pregnant wife, Hock faces the humbling reality of seeking unemployment support from the government.
到 1960 年代初，妻子懷孕的 D-Hock 面臨著向政府申請失業救濟的屈辱現實。
16:44
I had no money in the bank, no friends, no family, just my wife Pearl and I and our two children, with the other one on the way.
我銀行裡沒有錢，沒有朋友，沒有家人，只有我妻子 Pearl 和我以及我們的兩個孩子，還有一個即將出生。
16:53
I was out of work and had no idea what to do. I was having about a depression.
我失業了，不知道該做什麼。我快要抑鬱了。
16:58
The first thing that occurred to us, we were without income, and I had these three people to support that I should go and apply for unemployment.
我們首先想到的是，我們沒有收入，而我有這三個人要養活，我應該去申請失業救濟。
17:05
So, I drove to the unemployment office.
於是，我開車去了失業辦公室。
17:09
Across the street from it, there was a line of people waiting to get in because it was a time of mild recession, and I simply could not get out of the car.
在街對面，有一排人在等著進去，因為當時是輕度衰退期，我簡直無法下車。
17:19
I sat there for well over an hour and hour and a half trying to persuade myself that I was entitled for unemployment compensation, but I just couldn't do it.
我坐在那裡一個多小時，甚至一個半小時，試圖說服自己有資格領取失業救濟金，但我就是無法做到。
17:28
I felt that it was contrary to everything I believed in, and the work ethic I had acquired.
我覺得這與我所相信的一切以及我所養成的職業道德相違背。
17:34
And I had a feeling that if I ever got out of the car and got in that line, something inside me would simply die.
我有一種感覺，如果我下車排隊，我內心的某些東西會就此死去。
17:44
After an hour and a half of torment, I had to drive home and explain to a seven-month pregnant wife that I couldn't do it.
在經歷了一個半小時的煎熬後，我只能開車回家，向懷孕七個月的妻子解釋我無法這麼做。
17:54
D-Hock is determined he will do whatever it takes to succeed and to never let this happen again.
D-Hock 決心不惜一切代價取得成功，並永遠不讓這種情況再次發生。
18:01
It's pretty easy sometimes to feel beaten when you're faced with all those issues and problems and they all hit you at the same time.
當所有問題和困難同時襲來時，有時很容易感到挫敗。
18:12
That doesn't mean give up.
但這並不意味著要放棄。
18:18
He eventually lands an assistant job at the National Bank of Commerce.
最終，他在國民商業銀行找到了一份助理工作。
18:23
This time, to provide for his family, he's willing to take on any work necessary.
這次，為了養家，他願意承擔任何必要的工作。
18:29
Soon, he's asked to perform a task that yet again goes against his beliefs.
很快，他被要求執行一項再次違背他信念的任務。
18:35
It is to help launch a credit card business for his bank.
這項任務是幫助銀行推出信用卡業務。
18:40
D-Hock was a very frugal guy and he did not like the idea of credit cards at all.
D-Hock 是一個非常節儉的人，他一點也不喜歡信用卡的概念。
18:46
But D-Hock throws himself into the job, determined to excel.
但 D-Hock 全身心投入工作，決心出類拔萃。
18:49
By 1967, through licensing from Bank of America, the National Bank of Commerce successfully launches its credit card program.
到 1967 年，通過與美國銀行的許可協議，國民商業銀行成功推出了信用卡計劃。
18:59
The business takes off immediately and D-Hock quickly earns a promotion to head the credit card operation.
這項業務立即取得成功，D-Hock 快速獲得晉升，負責信用卡業務。
19:08
By the late 1960s, the credit card industry explodes, fueled by American economic prosperity.
到 1960 年代末，信用卡行業迅速發展，受到美國經濟繁榮的推動。
19:15
As a first mover, Bank of America's Bank of America becomes the leading credit card.
作為先行者，美國銀行的 Bank of America 成為領先的信用卡。
19:21
But as the business grows, a flaw in the system becomes apparent.
但隨著業務的發展，系統中的一個缺陷變得顯而易見。
19:25
Frequently, people discuss advantages as first mover.
人們經常討論先行者的優勢。
19:29
It's the first to scale.
它是第一個實現規模化的。
19:31
The first to scale, generally speaking, tends to get the attention from the press, tends to get privileged access to capital, tends to get privileged access to talent.
While Bank of America has managed to reduce fraud, the licensing system makes fraud prevention increasingly difficult.
雖然美國銀行已經設法減少詐欺，但許可制度使得防止詐欺變得越來越困難。
19:48
In the 60s, Bank of America's Bank of America's Bank of America program let different banks give out their cards.
在六十年代，美國銀行的美國銀行計劃允許不同的銀行發放他們的信用卡。
19:55
This costs a lot of issues with credit card theft.
這導致了大量的信用卡盜竊問題。
19:59
Back then, technology wasn't advanced enough for a wide-scale fraud detection.
當時，技術還不夠先進，無法進行大規模的詐欺檢測。
20:03
So this whole setup made it really tough to deal with fraud issues popping up everywhere.
因此，整個設置使得處理到處出現的詐欺問題變得非常困難。
20:11
If Bank of America doesn't address this issue, competitors could exploit it with better systems.
如果美國銀行不解決這個問題，競爭對手可能會利用更好的系統來利用這一點。
20:17
To prevent that, Bank of America needs someone to design a system that ensures its credit card's continued dominance.
為了防止這種情況，美國銀行需要有人設計一個系統，以確保其信用卡的持續主導地位。
20:28
As a licensee of Bank of America, National Bank of Commerce has a vested interest in the system's success.
作為美國銀行的被許可人，國家商業銀行對該系統的成功有既得利益。
20:36
D. Hawk has recently been promoted to the head of the credit card division, and he immediately proposes forming a committee comprised of all member banks to decisively tackle the problems.
D. Hawk最近被提升為信用卡部門的負責人，他立即提議成立一個委員會，由所有成員銀行組成，以果斷解決這些問題。
20:47
He is then appointed as the committee's chairman.
然後他被任命為委員會的主席。
20:51
As the head of the committee, Hawk is armed with a mission to design a revolutionary system, unlike anything corporate America has ever seen.
作為委員會的負責人，Hawk的使命是設計一個革命性的系統，這是企業美國從未見過的。
21:01
It is an opportunity for Hawk to finally do things his way.
這是Hawk終於能夠按照自己的方式做事的機會。
21:06
He starts by reflecting on his own childhood and the lessons learned from nature.
他首先反思自己的童年和從自然中學到的教訓。
21:12
I saw such a clear distinction even then between nature and human beings.
即使在當時，我也看到了自然和人類之間如此明顯的區別。
21:17
Nature never seemed to have this problem. There was no principal black bird in a flock. There was no president tree in the forest.
自然似乎從來沒有這個問題。鳥群中沒有主要的黑鳥。森林中沒有總統樹。
21:24
And yet everything was competition and cooperation in nature.
然而，自然中的一切都是競爭和合作。
21:29
The two just seemed constantly blended and coexisting.
這兩者似乎總是混合在一起並共存。
21:33
But when you move people into an organization of any kind and the divisiveness started, it was either this or that.
但是當你將人們組織到任何類型的組織中時，分裂就開始了，要麼是這個，要麼是那個。
21:40
It was either true or it was false. It was right or it was wrong. It was either good or it was bad.
要麼是真的，要麼是假的。要麼是對的，要麼是錯的。要麼是好的，要麼是壞的。
21:51
Hawk's ideas are profound. He envisions a self-organizing, self-functioning and self-governing distributed system.
鷹的想法非常深刻。他設想了一個自組織、自運作和自治的分散式系統。
22:00
While he was pretty much envisioning a distributed network system that has a no central governing figure, a decentralized network.
當時他幾乎設想了一個沒有中央管理機構的分散式網絡系統，一個去中心化的網絡。
22:10
And each of the nodes must agree to follow a set of principles and algorithms and as whole the system will function optimally.
每個節點都必須同意遵循一套原則和算法，整個系統才能最佳運作。
22:22
To fully unleash the power of his design, D-Hawk proposes forming a new organization independent from Bank of America.
為了充分發揮他的設計的潛力，D-Hawk 提議成立一個獨立於美國銀行的新組織。
22:31
He calls it National Bank of America Inc.
他稱之為美國國家銀行股份有限公司。
22:35
Remember, credit card networks are merely payment systems. It's the banks that issue credit cards.
記住，信用卡網絡僅僅是支付系統。是銀行發行信用卡。
22:42
So, MBI was a payment network that by self does not issue any debt.
因此，MBI 是一個支付網絡，本身並不發行任何債務。
22:50
While his ideas are innovative, Hawk remains unsure whether other member banks will join, especially his biggest partner, Bank of America.
雖然他的想法很創新，但鷹仍然不確定其他成員銀行是否會加入，特別是他的最大合作夥伴美國銀行。
22:59
It was tough in the beginning. These people are being asked to put their reputations on the line and join something that they are totally unfamiliar with.
一開始很艱難。這些人被要求拿自己的聲譽冒險，加入一個他們完全不熟悉的事物。
23:08
I understand their hesitation.
我理解他們的猶豫。
23:11
With the support of Bank of America, D-Hawk becomes president of this new organization.
在美國銀行的支持下，D-Hawk 成為這個新組織的總裁。
23:17
But what Hawk doesn't know is that Bank of America is also secretly working with American Express to build a new system, potentially undermining Hawk's entire effort.
但鷹不知道的是，美國銀行也在秘密與美國運通合作，建立一個新系統，可能破壞鷹的整個努力。
23:31
For D-Hawk, in order for the Bank of America system to succeed, he needs to make sure the payment network is as secure as possible.
對於 D-Hawk 來說，為了使美國銀行系統成功，他需要確保支付網絡盡可能安全。
23:38
In the digital age, privacy threats are ever present as our lives move increasingly online. This is where NordVPN kicks in.
Not only does NordVPN help secure your network, it also helps protect your privacy.
NordVPN 不僅幫助保護您的網絡安全，還有助於保護您的隱私。
24:17
NordVPN allows you to browse the internet anonymously, protecting your activities from prying eyes with its trusted network of over 5,000 global servers.
Afraid that the decentralized system proposed by D-Hawk may fail, Bank of America secretly collaborates with American Express to build a nationwide credit card authorization system, controlled solely by them.
This revelation comes as a shock to Hawk, especially since Bank of America is a key member of the National Bank of America Inc.
這一消息讓Hawk感到震驚，特別是因為美國銀行是美國國家銀行公司的重要成員。
25:20
If Bank of America and American Express succeed with their new system, it could render Hawk's efforts a waste of time and energy.
如果美國銀行和美國運通的新系統成功，可能會讓Hawk的努力付諸東流。
25:31
It's like building two competing highways. It's not good for society and a waste of resources.
這就像建造兩條競爭的高速公路，對社會沒有好處，而且浪費資源。
25:38
I felt completely betrayed. It was contrary to the spirit of the effort to form NBI and could materially affect its success.
我感到完全被背叛了，這與成立NBI的精神相違背，並可能實質影響其成功。
25:46
Bank of America had agreed to join the new organization I designed, but I didn't know at all that it was also working with American Express to undermine my effort.
美國銀行已經同意加入我設計的新組織，但我完全不知道它也在與美國運通合作，破壞我的努力。
25:58
In response to this challenge, Hawk and the NBI Board make a bold decision to break away from the industry-wide effort.
為了應對這一挑戰，Hawk和NBI董事會做出了一個大膽的決定，脫離整個行業的努力。
26:07
And build their own proprietary competitive system for electronic authorization and transaction clearance, known as the Bank Authorization System, Experimental, Base One.
並建立他們自己的專有競爭系統，用於電子授權和交易清算，即銀行授權系統，實驗基地一號。
26:21
Authorization is necessary to check whether a card holder's credit card holds sufficient funds and is approved to purchase from a merchant.
授權是必要的，以檢查持卡人的信用卡是否有足夠的資金並獲批向商家購買。
26:32
But what Hawk doesn't realize is that the real threat is not American Express. A new credit system is on the rise, and it is gunning for his business.
但Hawk沒有意識到的是，真正的威脅不是美國運通，一個新的信用系統正在崛起，並且正在針對他的業務。
26:50
The mid-1970s presents significant economic challenges marked by the oil crisis, high inflation, and economic stagnation, also known as stagflation.
20世紀70年代中期面臨著重大的經濟挑戰，標誌著石油危機、高通脹和經濟停滯，也就是所謂的滯脹。
27:02
In this turbulent period, monetary policies struggle to find a balance between inflation control and economic growth.
在这个動盪時期，貨幣政策努力在控制通脹和經濟增長之間尋找平衡。
27:10
But amid these difficulties, the credit card industry experiences rapid growth and evolution.
但在这些困難之中，信用卡行業經歷了快速的增長和演變。
27:16
This era paves the way for widespread credit card adoption, shaping modern consumer finance and banking practices.
這個時代為信用卡的廣泛採用鋪平了道路，塑造了現代消費金融和銀行業務。
27:26
The introduction of Base One revolutionized transaction processing, propelling NBI to the forefront of the financial services industry.
Base One的推出革命了交易處理，將NBI推向了金融服務業的前沿。
27:36
Thanks partly to one man, D. Hawk.
這在很大程度上要歸功於一個人，D. Hawk。
27:40
The business model really is like a money printing machine. It earns money every time someone used the network for payments, becoming more popular as more people and shops use it due to network effects.
And on top of that, it's highly scalable because it can easily handle more payments without much effort.
此外，它還具有高度可擴展性，因為它可以輕鬆處理更多支付而無需太多努力。
28:01
But success breeds competition, and a challenger arises, ready to undo all of D. Hawk's achievements.
但成功孕育競爭，一個挑戰者出現，準備推翻D. Hawk的所有成就。
28:12
Witnessing the success of NBI and its member banks, other banks in the industry realize the potential of forming their own credit card network.
目睹了NBI及其成員銀行的成功，業內其他銀行意識到組建自己的信用卡網絡的潛力。
28:20
MasterCharge, later known as MasterCard, emerges from a collaboration of regional bank card associations, aiming to create a unified, competitive force in the burgeoning credit card market.
To challenge Bank AmeriCard's dominance, MasterCharge focuses on expanding its network and increasing its acceptance both domestically and internationally.
Desperate to protect his creation, D. Hawk makes a tough decision. He rolls out an anti-duality policy, prohibiting his member banks from adopting MasterCharge.
Worthen Bank promptly files a lawsuit alleging antitrust violations and seeking an injunction to block the by-laws implementation.
Worthen銀行隨即提起訴訟，指控違反反壟斷法，並尋求禁止執行該附則的禁令。
29:39
The Worthen Bank of Little Rock, Arkansas, had also become a member of MasterCharge. They threatened to sue NBI if it adopted a proposed by-law prohibiting duality.
During the Worthen Bank lawsuit, D-Hawk also faced a lot of personal threats. He received a lot of views and messages.
在Worthen銀行的訴訟期間，D-Hawk還面臨許多個人威脅。他收到了許多觀點和訊息。
30:33
He even fought a cross slashed on his office chair and received threatened packages containing a vandalized book for his library.
他甚至在辦公椅上發現了一個十字架，並收到了含有破壞圖書館書籍的威脅包裹。
30:42
Each day, I had to rise and deal with countless problems. The business had to go on and responsibilities could not be shoved aside.
每天，我都必須起床並處理無數的問題。業務必須繼續，責任不能被推卸。
30:51
I began to slide into depression, that dark dismal swamp that robs my ability to think or function normally.
我開始陷入抑鬱，那個黑暗陰鬱的沼澤奪走了我正常思考或行動的能力。
31:00
In the end, Worthen Bank wins the lawsuit, and D-Hawk is forced to lift his ban. And now, his member banks are free to issue both Bank AmeriCard and MasterCharge cards.
最後，沃森銀行贏得了訴訟，D-Hawk 被迫解除禁令。現在，他的成員銀行可以自由發行 Bank AmeriCard 和 MasterCharge 卡。
31:14
Despite the legal challenge, NBI is about to enter one of its highest growing stages ever.
盡管面臨法律挑戰，NBI 即將進入其歷史上增長最快的階段之一。
31:21
Although the 1970s are a troublesome decade for the United States, international travel and trade have risen sharply for the rest of the world, leading to explosive business opportunities for the use of credit cards.
By capitalizing on the shift towards a cashless economy and consumer demand for convenience, Bank AmeriCard has become the global leading payment system.
But D-Hawk realizes that to further simplify its international business, there needs to be a strong and powerful brand.
但 D-Hawk 意識到，為了進一步簡化其國際業務，需要一個強大而有力的品牌。
31:52
By the mid-1970s, his firm decides to change the name from Bank AmeriCard to Visa.
到 1970 年代中期，他的公司決定將 Bank AmeriCard 的名稱更改為 Visa。
32:00
The Bank AmeriCard is headed for extinction, at least in name. Starting sometime next year, according to National Bank AmeriCard Inc, the name of this credit card will be changed all over the world to Visa.
Bank AmeriCard 即將滅絕，至少在名稱上。根據 National Bank AmeriCard Inc 的說法，從明年開始，這張信用卡的名稱將在全世界更改為 Visa。
32:11
A word expected to be universally acceptable.
一個預計將被普遍接受的詞。
32:22
By the early 1980s, despite facing intense competitions, Visa has achieved significant market share of 60%.
到 1980 年代初，盡管面臨激烈的競爭，Visa 已經取得了 60% 的顯著市場份額。
32:30
By introducing products like Visa Traveler's checks and innovative security features like holograms on cards, its billing soared to $59 billion. As a result, Visa is now one of the most powerful companies in finance.
通過推出 Visa 旅行支票和創新的安全功能，如卡片上的全息圖，其賬單飆升至 590 億美元。因此，Visa 現在是金融界最強大的公司之一。
32:47
D-Hawk's thesis has been proven correct. He has built Visa into a thriving decentralized organization.
D-Hawk 的論文已被證明是正確的。他已經將 Visa 建成一個蓬勃發展的去中心化組織。
32:54
Believing his mission is fulfilled and to further prove that Visa is a unique entity that can do well without him at the helm, he decides it's time to retire.
相信他的使命已經完成，並進一步證明 Visa 是一個獨特的實體，即使沒有他在掌舵，也能做得很好，他決定是時候退休了。
33:04
D-W-Hawk, President and Chief Executive Officer of Visa International and Visa USA, said yesterday that he would retire next year.
Visa International 和 Visa USA 的總裁兼首席執行官 D-W-Hawk 昨天表示，他將於明年退休。
33:13
Little does Hock know that within a mere decade, Visa will grow to become a monster, an industry power that will defy everything he stood for.
Hock 沒有想到，在短短十年內，Visa 將成長為一個怪物，一個行業巨頭，將違背他所堅持的一切。
33:31
The credit card industry is on the rise. By the early 1990s, it handles trillions in transactions.
信用卡行業正在崛起。到 1990 年代初，它處理了數萬億的交易。
33:39
Recognizing this lucrative opportunity, many industry titans are eager to capitalize on the trend. One of them is Phil Purcell.
認識到這個有利可圖的機會，許多行業巨頭都渴望利用這一趨勢。其中之一是 Phil Purcell。
33:49
Purcell was a very entrepreneurial from the very beginning. Even as a young man, he was already demonstrating his hustle, selling magazines and working at local dry cleaners on school days.
Together, they implement policies designed to prevent member banks from adopting competitor cards.
他們共同實施政策，防止成員銀行採用競爭對手的卡。
34:56
It is a tactic that Visa Inc has tried once before. Phil Purcell sees them as bullies and their actions as grossly unfair.
這是 Visa Inc 曾經嘗試過的策略。Phil Purcell 認為他們是霸凌者，他們的行為極其不公平。
35:04
He decides to join American Express in reporting Visa and MasterCard to regulators.
他決定與 American Express 一起向監管機構舉報 Visa 和 MasterCard。
35:10
Purcell hopes Visa and MasterCard will be punished with hefty fines as reparations to his company.
Purcell 希望 Visa 和 MasterCard 會被處以巨額罰款，作為對他公司的賠償。
35:20
The government filed an antitrust lawsuit against Visa, USA and MasterCard International yesterday, contending the nation's two biggest credit card networks restrain competition and limit consumers' choices.
政府昨日對 Visa USA 和 MasterCard International 提起反壟斷訴訟，指控這兩家全國最大的信用卡網路限制競爭並限制消費者的選擇。
35:34
The lawsuit, filed by the Justice Department in Manhattan Federal Court, alleges they limited consumer choice and restrain competition by controlling both associations through the same banks and banning member banks from offering competitors cards like American Express and Discover.
這起由司法部在曼哈頓聯邦法院提起的訴訟指控他們通過同一家銀行控制兩個協會，並禁止成員銀行提供競爭對手的卡，如 American Express 和 Discover，從而限制了消費者的選擇並抑制了競爭。
35:53
The lawsuit is a huge blow to Visa's business.
這起訴訟對 Visa 的業務是一個巨大的打擊。
35:57
If they lose, they could potentially lose billions.
如果他們敗訴，可能會損失數十億美元。
36:01
But Visa's troubles are far from over. Even as the antitrust lawsuit loomed, another major company also set its sights on taking Visa down.
但 Visa 的麻煩還遠未結束。即使反壟斷訴訟逼近，另一家大公司也將目標鎖定在擊敗 Visa。
36:17
In the early 2000s, a group of retailers led by Walmart files a class action lawsuit against Visa.
在 2000 年代初，以沃爾瑪為首的一群零售商對 Visa 提起集體訴訟。
36:24
They allege Visa is using its market dominance to enforce excessive debit card fees and restrict merchants from accepting competitor cards.
他們指控 Visa 利用其市場主導地位強制徵收過高的借記卡費用，並限制商家接受競爭對手的卡。
36:34
The lawsuit claims this limits consumer choice and stifles competition.
這起訴訟聲稱這限制了消費者的選擇並抑制了競爭。
36:39
It's important to understand why Visa became such a monopoly.
了解 Visa 為何成為如此壟斷的地位非常重要。
36:44
I think it's because of network effects, just like social network companies that came about later, such as Facebook.
我認為這是因為網絡效應，就像後來出現的社交網絡公司，例如Facebook。
36:52
As more merchants and consumers adopt a payment network, it becomes more convenient and ubiquitous, drawing even more users.
隨著越來越多的商家和消費者採用支付網絡，它變得更加方便和普及，吸引更多用戶。
37:00
This cycle can lead to a dominant market position, potentially creating a monopoly-like status.
這個循環可以導致市場主導地位，可能形成壟斷地位。
37:08
Mounting legal battles forced Visa to pay billions in settlements to companies like American Express, Discover, and the retailers involved in the class action suit.
Soon, despite being a virtual money printer, Visa comes dangerously close to running out of cash to pay.
不久，儘管是一台虛擬的印鈔機，Visa卻危險地接近現金短缺。
37:27
As far as Visa's management is concerned, there is only one way out.
對於Visa的管理層來說，只有一條出路。
37:37
Huge demand for Visa's record-setting IPO sent the shares surging Wednesday, even as the broader market choked on credit fears again.
對Visa創紀錄IPO的巨大需求，使得股票在週三大漲，即使整體市場再次因信貸恐慌而下跌。
37:46
The success of the largest US IPO in history and the strong interest from both professional and individual investors turned Visa into a bright spot in an otherwise choppy stock market.
Visa's IPO in 2008 shatters US records, raising over $17 billion, despite the looming financial crisis.
Visa在2008年的IPO打破了美國紀錄，籌集了超過170億美元，儘管金融危機迫在眉睫。
38:08
Investors love companies with a monopoly status, Visa's business model was so good, and investors were able to overlook the fact that it was constantly under litigation.
投資者喜歡壟斷地位的公司，Visa的商業模式非常好，投資者能夠忽略它經常面臨訴訟的事實。
38:20
From a decentralized payment network, Visa has become a dominating power in finance.
從一個去中心化的支付網絡，Visa已成為金融領域的主導力量。
38:28
In 2023, Visa has a revenue of $33 billion and a net income of $17 billion.
2023年，Visa的營收為330億美元，淨收入為170億美元。
38:35
Both increase steadily every year.
這兩者每年都穩步增長。
38:39
With over $12.3 trillion in payment volumes going through Visa, it is undoubtedly the king of payments.
通過Visa的支付量超過12.3萬億美元，無疑是支付領域的王者。
38:47
Well, shares of Visa hit an all-time high in today's session.
Visa的股票在今天的交易中達到歷史新高。
38:51
Visa stock has been steadily on the rise since the company's last earnings report, which forecasted a resilient outlook on consumer spending.
自從Visa上次發布財報以來，股票一直穩步上漲，該財報預測消費者支出前景樂觀。
38:59
None of this would have been possible, if not for the ingenuity of one man.
如果不是因為一個人的聰明才智，這一切都不可能實現。
39:17
Thanks for watching.
感謝觀看。
Visa Inc. - The 12 Trillion Dollar Money Machine | A Finance Documentary
