Visa has appointed Emirates NBD as its official National Net Settlement Service (NNSS) agent in the UAE.
The move allows domestic card transactions to clear locally in dirhams rather than routing through international settlement networks.
The arrangement aims to reduce processing times and lower costs for banks by keeping domestic payment flows within the UAE.
As the designated NNSS agent, Emirates NBD will manage fund transfers for participating Visa clients in compliance with the payment network’s standards.
Processing transactions locally minimises dependence on international networks, improving system reliability for domestic payments. Visa clients will also gain new options to automate their local settlement obligations.
To mark the partnership, Salima Gutieva, Visa’s VP and Country Manager for the UAE, and Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, signed the NNSS agreement.
Commenting on the partnership, Fadi Moukaddem, Visa’s SVP and Group Country Manager for UAE, Kuwait, and Qatar, said:
“We are committed to expanding the growth of digital payments in the UAE, and are delighted to partner with Emirates NBD to continue facilitating local currency settlements among our clients for Visa domestic transactions.”
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said:
“This partnership will streamline domestic settlement processes and bolster the nation’s digital payments infrastructure, supporting the UAE government’s ambitions for a more cashless economy.”
Emirates NBD has steadily expanded its digital finance capabilities across the region.
Earlier this year, the bank issued an AED 1 billion digitally native bond, marking the first dirham-denominated digital bond in the Middle East and North Africa.
Featured image credit: Visa press release
