Visa, a global leader in digital payments, has named Emirates NBD as its official National Net Settlement Service (NNSS) agent in the UAE, enabling Visa’s domestic card transactions to be settled locally in UAE dirhams (AED), replacing the need for international settlement.
The collaboration enhances the UAE’s domestic settlement capabilities and equips Visa clients with greater flexibility to automate and manage their local settlement obligations.
A Visa NNSS Settlement Agent (typically a licensed bank or financial institution) facilitates local settlement for participating Visa clients by managing fund transfers for domestic Visa transactions in accordance with Visa’s network standards.
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 at Emirates NBD headquarters in Dubai. As Visa’s NNSS Agent in the UAE, Emirates NBD will streamline domestic settlements in AED, supporting enhancements to the settlement processes.
Fadi Moukaddem, Visa’s SVP and Group Country Manager for the UAE, Kuwait, and Qatar, said that the company is committed to advancing the growth of digital payments in the UAE and expressed his delight in partnering with Emirates NBD to further enable local currency settlements for Visa’s domestic transactions.
Ahmed Al Qassim Group Head, Wholesale Banking Emirates NBD
“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. The appointment reflects Visa’s confidence in the bank’s financial service capabilities.”
The system enables faster local settlement, helping to reduce processing times and payment delays while enhancing reliability and resilience by minimizing reliance on international networks for domestic transactions, supporting continuity and stability.
It also contributes to cost efficiencies, as reduced international processing can lower certain fees, creating opportunities for more cost-effective operations and offering greater flexibility for clients.
