As the first Bangladeshi bank EBL to act as Visa National Net Settlement Service (NNSS) Agent. This will enable Eastern Bank PLC (EBL) to facilitate interbank settlements for Visa card transactions in the national currency, enhancing the efficiency of domestic financial operations. The NNSS will ensure quicker, more reliable settlements, benefitting merchants, consumers, and financial institutions.
Ali Reza Iftekhar, Managing Director and CEO of EBL, and Sabbir Ahmed, Country Manager- Bangladesh, Nepal, and Bhutan, Visa signed a strategic partnership agreement to this effect on half of their respective organizations at the bank's head office in Dhaka, says a press release.
Under this agreement, EBL will manage funds settlement operations between acquiring and issuing banks within the Visa NNSS framework. EBL's participation in the system will create more favorable terms for banks nationwide, fostering the growth of Visa card services and expanding their reach within the banking
ecosystem.
Sabbir Ahmed, Visa Country Manager for Bangladesh, Nepal, and Bhutan, said: "As we focus on expanding the reach of card and digital payments in the country, we are delighted to partner with EBL to facilitate local currency settlements among our banking partners for Visa transactions. We are confident that EBL's capabilities will enable us to provide better, safer, smoother services to consumers and businesses, that rely on Visa for paying digitally and safely every day."
Ali Reza Iftekhar, Managing Director and CEO of EBL, said: "It's a great feeling to have earned Visa's trust, recognizing EBL as the first local bank to act as a clearing agent for interbank settlements in Bangladesh. This partnership will streamline settlement processes, reduce transaction time, and bolster the country's digital payment infrastructure."
The signing ceremony was also attended by M. Khorshed Anowar, DMD and Head of Retail and SME Banking; Ahsan Ullah Chowdhury, Head of Digital Financial Services; Syed Zulkar Nayen, Head of Business; Muyeed Hasnayen, Head of Cards and Digital Banking Operations; Farzana Ali, Branch Area Head, Dhaka; Ziaul Karim, Head of Communications and External Affairs from EBL; and Ashish Chakraborty, Director, Business Development, South Asia, Visa along with other senior officials from both organizations.
