Eastern Bank first local agent to facilitate interbank Visa settlements

FE Team | Published: December 23, 2024 22:38:58

Ali Reza Iftekhar, MD and CEO of Eastern Bank, and Sabbir Ahmed, Visa country manager of Bangladesh, Nepal, and Bhutan, signs an agreement making the bank the first NNSS agent among local banks. The signing ceremomy was held at Eastern Bank's head office in the capital in presence of M. Khorshed Anowar, deputy managing director, Eastern Bank, and Ashish Chakraborty, director, Business Development, South Asia, Visa.

Eastern Bank has forged a strategic partnership with Visa on Monday, becoming first Bangladeshi Visa National Net Settlement Service (NNSS) Agent.
Ali Reza Iftekhar, managing director (MD) and chief executive officer (CEO) of the bank, and Sabbir Ahmed, Visa country manager of Bangladesh, Nepal, and Bhutan, inked the deal at the bank's head office in the capital.
The agreement will enable the bank to facilitate interbank settlements for Visa card transactions in the national currency, enhancing the efficiency of domestic financial operations, according to a press statement.
The NNSS will ensure quicker, more reliable settlements, benefitting merchants, consumers, and financial institutions.
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 favourable terms for banks nationwide, fostering the growth of Visa card services and expanding their reach within the banking ecosystem, according to the statement.
Sabbir Ahmed, Visa Country Manager for Bangladesh, Nepal, and Bhutan, said: "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, MD and CEO of Eastern Bank, said: "This partnership will streamline settlement processes, reduce transaction time, and bolster the country's digital payment infrastructure."