Network International becomes independent Visa vendor in Middle East

The certification from Visa allows Network to expand its range of products and technical solutions and service to a wider community in the Middle East. NI's strengthened role also positions the company as an independent and leading outsourcing entity in the region, offering banking and financial institutions and large retailers swifter and cost-effective issuing and acquiring services, including chip processing, all under one roof.

Abdulla Qassem Chairman of NI, said: "This certification marks a new milestone for Network. We are increasingly geared up now to meet outsourcing requirements of a wider client base that can capitalise on reduced investment costs and our wealth of expertise in card processing and acquiring business."

Ram Chari, Head of NI added: "This development also heralds our expanded presence in the region, facilitating greater cross-border operations in supporting banking and retail institutions across the Middle East. Fully capable of processing chip cards, we now expect to see a vast growth as the migration to chip is witnessing a greater pace in advance of the 2006 EMV stipulation."

Kamran Siddiqi, General Manager, Middle East, Visa International said, "This is a very significant achievement for Network and an important addition to the Chip capability of the region - something that Visa is very keen to support. As the region is fast embracing electronic payments across various fields, we believe that certification holds great significance in bringing a wider community into the fold of cashless payments with cost-effective and innovative solutions."

Siddiqi added that providing electronic payment solutions to a wider audience helps bring people into the banking system at a low cost, while also leading to economic growth in the long term.

NI specialises in managing and processing Visa payment solutions, ATM sharing services, merchant acquiring, e-commerce and chip programmes. As part of its efforts to develop a greater understanding of the nature of its business and the full spectrum of client offerings, NI is hosting a series of regional roadshows with the first scheduled for 16 January 2005 in Dubai.