UAE Payments Firm in talks with Iranian Banks

The CEO of Network International, the largest payments processor in the Middle East and Africa, has said the company could begin working with some of Iran’s largest banks this year.

Bhairav Trivedi (pictured) told Reuters the company is in talks with the banks about how it could begin processing transactions without breaching the remaining economic sanctions against Iran:

“We believe there are a lot of opportunities in Iran to expand our market, but we are not leaping into anything blindly.

“If we can cross our Ts and dot our Is from a regulatory standpoint, then I would like to say yes, we can initiate this year.”

“There’s still some doubt about how the sanctions and U.S. dollar clearing will work in practice … We are evaluating the proposals to create a structure that works.”

Network International is 51 percent owned by Dubai’s largest bank, Emirates NBD, with the remainder held by private equity firms Warburg Pincus and General Atlantic.

(Source: Reuters)

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