OREANDA-NEWS. January 29, 2009. VISA Europe Board has confirmed VISA Principal Member status being granted to Aizkraukles Banka, reported the press-centre of Aizkraukles Banka.

This achievement is very significant for the bank since Principal Member status allows making independent decisions on development and implementation of new card products. Employing the benefits of the new status, Aizkraukles Banka plans to start issuing VISA Platinum and VISA Infinite cards this year.

Since Aizkraukles Banka focuses on providing tailored services, and the bank customers are willing to use extra services available with premium—class cards, the new cards are expected to be demanded and appreciated. In general, VISA is more common in Eastern Europe, and it can be much wider used for making payments than MasterCard, that is why acquiring VISA Principal Member status is especially advantageous for servicing non—residents.

Earlier, Aizkraukles Banka had VISA Participant status. This means the bank participated in VISA system through the intermediary of other bank. That is why in the beginning of 2007 the bank started working on becoming VISA Principal Member, so that no involvement of intermediary is required. Alongside with the opportunity for the bank to design new card products by itself, an independent payment system is the most valuable gain, ensured under agreement between Aizkraukles Banka and VISA Europe.