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Visa introduces NNSS system in Uzbekistan

Business Materials 18 February 2010 14:31 (UTC +04:00)

Uzbekistan, Tashkent, Feb. 18 / Trend D. Azizov /

Visa introduced today a National Net Settlement Service (NNSS) in Uzbekistan, which allows local banks to do interbanking settlements on Visa in national currency cards in the country.

Before the NNSS system is introduced in the local trade network, transactions were realized in foreign currency.

Now, commercial banks don't have to purchase additional foreign currency and create additional costs related to the operation because clearing of internal transactions is carried out only in national currency.

It is expected that the introduction of the NNSS will boost the volume of Visa-card transactions on the territory of the republic.

Visa selected Uzpromstroybank for Uzbekistan.

Visa is an international payment system, which provides cardholders, trade and service enterprises, financial and governmental institutions in more than 200 countries with an access to fast, secure and reliable network of electronic payments.

The NNSS system is capable of handling more than 10,000 transactions per second. It unites more than 16,000 financial institutions in the world.

Uzbek Industrial and Construction Bank with assets of 1.59 trillion soums in 2009 and funds of 172.5 billion soums, is the third largest commercial bank in Uzbekistan. The bank was established in 1922 and it was re-registered in 1991. Main activity is giving credits to enterprises dealing with strategic branches of industry.

The bank has 45 branches, 176 savings banks and 65 mini banks located in all regions of the country, as well as a representation in Moscow.

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