NNSS system is innovative processing solution, which was introduced by Visa in the end of 1980s. Visa has been successfully introducing the system in local markets taking into account needs of financial institutions to support development of cashless payment and banking card business in each concrete country.

Introduction of the NNSS is important step in formation of cashless payment system in Uzbekistan, developing of which will promote building of transparent economy. Thanks to interbanking settlement systems in soums, the number of banking accounts in national currency will increase, which will, in its turn, to raise the volume of cashless payments in the country, strengthen liquidity of the banking system and national currency’s exchange rate.

The system also provides optimal terms for banks to promote VISA banking cards in Uzbekistan, which will attract wide layers of population into banking system.

Alexander Kalita, VISA Regional Manager for CIS, said VISA takes into account the fact that each country is unique in respect to geography, culture, financial system and economy as a whole. That’s why, VISA pays attention to peculiarities of development of each market, its business trends in development of individual solutions, which would meet needs and tasks of banking system of each state, he said.

Kalita underlined VISA experience in other states shows that NNSS introduction helps to expand VISA cards acceptance network and served as important stimulus for banks to develop cashless payment in Uzbekistan. “In our turn, we hope for further support of banks in development of retail banking products, which meet modern requirements of population in Uzbekistan.”

VISA selected Uzpromstroybank as National Net Settlement Service for Uzbekistan, which carries out clearing operation among acquirer banks and issuer banks. Transaction through NNSS is possible only if acquirer banks and issuer banks, as well as trading points locate in Uzbekistan and transaction currency is soums.

Muhammad Mirzabaev, Deputy Chairman of Uzpromstroybank, said: “We are proud that international payment system VISA and local banks trusted us to act as clearing agent at transactions within NNSS system. Introduction of interbanking settlement in national currency stimulates development of cashless payment system in the country, which will help to form transparent economy, improve banking liquidity, as well as increase retail trade turnover and retail trade networks in Uzbekistan.”