OREANDA-NEWS. February 26, 2010. Visa, a global payment system, announced the introduction in Uzbekistan of the national net settlement service Uz NNSS allowing the Uzbek banks to carry out interbank settlements via Visa cards in national currency on the country's territory.

When introducing NNSS, based on proposals from partner banks, Visa chooses national settlement bank that will carry out clearing operations among acquirer and issuer banks of the given country in national currency.

Uzpromstroybank (Uzbek industrial construction bank), one of the leading banks in Uzbekistan, has been entrusted with this role. Transactions via NNSS system is possible only if issuer bank, acquirer bank and trading point are located in Uzbekistan, and the currency of transaction is the national currency of the country – soum.

"We are proud that Visa international payment system and our banks committed us to become a settlement agent in processing transactions via the NNSS system," commented Deputy Chairman of Board of Uzpromstroybank Muhammad Mirzabaev.

"The introduction of interbank settlements in national currency is a stimulus for the development of cashless payments in the country, which will promote the increase of banks' liquidity, as well as the growth of retail commodity turnover and advancement of trading retail networks throughout the republic," he added.