OREANDA-NEWS. February 19, 2010. Visa, a global payment system, organized a press conference to announce 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.

The NNSS system is an innovative processing solution that was presented by Visa for the first time in late 1980s, and since then has been introduced successfully taking into account the needs of financial institutions in local markets for the support of cashless payments industry and card business in each country.

The introduction of Uz NNSS is an important stage in further development of the market of cashless payments in Uzbekistan. The number of banking client accounts in national currency increases thanks to the interbank settlement system in soums on the territory of Uzbekistan. This in turn promotes the growth of the volume of cashless payments in national currency in the country, strengthening of the banking system liquidity and national currency rate.

Besides, the NNSS system renders banks optimal conditions for the promotion of modern, safe and comfortable tool of payment for goods and services, like Visa, among the country's population. Using this service helps attract wide groups of population in the banking system and increase financial literacy of the socity.

"Visa takes into account that each country is unique from the standpoint of its geography, culture, financial system and economy as a whole," said Alexander Kalita, Regional Manager of Visa for CIS. "Thus, Visa places the main emphasis on the features of development of each separate market, its business dynamics in elaboration of individual solution that would meet the requirements and tasks of banking society of each country".

Visa's experience in other countries shows that the introduction of NNSS expands the network of Visa cards acceptance and is a key stimulus for banks in the development of cashless payments in the country. "We rely on further support of banks in the enhancement of retail banking products meeting the modern demands of Uzbekistan's population," Kalita noted.