Visa, a global leader in digital payments, has announced a new strategic move to boost the efficiency of the payment ecosystem within the UAE. They've chosen Emirates NBD, one of the leading banking institutions in the Middle East, North Africa, and Turkey, as the official agent for the National Net Settlement Service (NNSS). This appointment marks a significant shift in how Visa card transactions are settled within the country. Settlements will now happen locally in UAE Dirhams, moving away from reliance on international settlement systems. This change will help make financial operations more flexible and faster, while also supporting the localization of payments and reducing dependence on external channels. Under this framework, the settlement entity in the National Net Settlement System – typically a licensed bank or financial institution – will handle local transaction settlements between Visa customers according to the network's standards.
Simplifying Local Currency Settlement Procedures
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