Commercial Alliance-Bank will be the first among RK banks implementing a transaction through international chip cards "Visa Smart Debit & Credit (VSDC)" through single processing center

Commercial Alliance-Bank will be the first among Kazakhstan banks implementing a transaction through international chip cards "Visa Smart Debit & Credit (VSDC)" through single processing center, which now is being created in the republic. At present Alliance-Bank and processing center has agreed on a schedule of introducing cards of VSDC specification. First transaction via international chip cards is due in July this year. The Alliance-Bank's cards will combine in itself magnetic stripes and microprocessors; thus, holders will be able to use all available services, and developers can keep the cards abreast of up-to-date technologies. The VSDC cards are a drastically new technological solution, opening great prospects for realization of new card products and programs of development of cashless payment, the Bank's specialists say. Possibilities of electronic chip afford to place on the card much more information comparing to traditional cards with magnetic stripes, and moreover - record on the cards application programs to implement various non-payment functions. Central processing office to serve international and local charge cards, created after the initiative of National Bank in early 2001, intends to complete legal procedures to form own share capital in nearest future. At present 10 republic's biggest banks have signed intention protocol to take part in the capital of the center. Total authorized capital will make about 728 million tenge (151,5/$1). The share of National Bank is 500 million tenge or 68 %, the share of one of the republic's biggest bank, which Narodny Bank is, will make 138 million tenge, or 19%. At the same time the parts of other the center -shareholders banks including Alliance- Bank will make 10 million tenge or 1,37% each.