CC shared secret

[Roland Perry]

I just got an email (which seems to be genuine) from one of my credit 
card companies saying they have enroled me (unsolicited) in "Verified by 
Visa", and my password will be the answer to one of the "shared secrets" 
used during login to my online account with them.

I wonder if that means they have a copy of that "shared secret answer" 
in the clear, in order to pass it to Visa - or are both organisations 
using the same one-way hash? Or is it something different, like the 
V-b-V dialogue when I make a purchase actually being "franchised" by my 
bank, with Visa not having the data at all?
-- 
Roland Perry