The Ural Bank for Reconstruction and Development and Visa completed the bank’s certification procedure aimed at making the business a principal member of the payment system. The decision to thus promote the bank was taken by Visa International BOD based on the analysis of the Ural Bank for Reconstruction and Development’s activity, development, and achievements. In addition, the bank’s financial success was confirmed by PriceWaterHouseCoopers’s audit procedure and many leading agencies’ impressive ratings. The bank was declared financially stable and prepared technology-wise to become a principal member.

The bank had to implement several stages of the project to become a member; first, some correspondent accounts for handling ruble and foreign currency transactions were opened, then, the bank set up direct communication links to VisaNet and worked on the technological settings of its processing center. Finally, the processing center had to undergo some testing and certification.

The Ural Bank for Reconstruction and Development’s new status offers the bank’s customers a range of new options and means the bank can now support and sponsor the bank card development among other banks. The Ural Bank for Reconstruction and Development can provide guarantees and professional counseling to both newcomers and experienced players on the international bank card market and act as an intermediary between these banks and Visa system.