* Paves way for stronger regional presence with enhanced offerings

* Chip card processing to see vast growth

Dubai, 20 December 2004: Network International (NI), UAE's leading payment card service provider and part of the Emirates Bank Group, has been certified as an independent vendor for processing Visa payments in the 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.

-Ends-

Note to Editors:
About Network International: Network International was established as an independent card solutions company in 1994. They have since evolved into a leading credit card and

payment services company committed to meeting the needs of financial institutions, corporate businesses and individuals alike. They offer Smart Card Processing solutions for both Issuing and Acquiring Business. They have an EMV certified Personalization Center, the first in the region as a Third Party Processor.

Their investment in state of the art technology, reflects their innovative culture and experience in the field of card and payment solutions, it provides customers with a global range of services and processing solutions - all tailored to meet specific geographical frameworks and independent business needs.

About Visa: Visa is the world's leading payment brand generating nearly US$3 trillion in annual card sales volume. Visa has unsurpassed acceptance in more than 150 countries. The Visa organisation plays a pivotal role in developing innovative payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet based payments and is pioneering the creation of u-commerce, or universal commerce--the ability to conduct commerce anywhere, anytime, and any way. For more information, visit www.corporate.visa.com

Visa International is committed to working with governments, regulators and its member banks to support the development of a cashless society. Electronic payments such as Visa card payments support economic growth through increased banking deposits, which provide additional funds for commercial loans - the lifeblood of a growing economy - bringing benefits to consumers, merchants, the banking sector and the economy.

For further information please contact:
Peter Redding
Tamra c2
Dubai,
UAE
Tel: +9714 2951177,
Fax: +914 2951188
peter@tamra-c2.com

Clare Woodcraft
Visa International,
Dubai,
UAE
Tel: +9714 3319690,
Fax: +9714 3322199
woodcrac@visa.com

© Press Release 2004