BZ WBK card transactions to be cleared by local entity

Poland’s third-largest lender BZ WBK has signed a letter of intent with domestic clearing house Krajowa Izba Rozliczeniowa (KIR) on card transactions clearance, the bank said in a statement on Monday. The service will be offered as part of KIR’s newly introduced payment card clearance system. “Just like in Western countries, such as Germany, France and Portugal, card payment clearance in Poland could become the domain of a local clearance entity,” BZ WBK said. Currently, payment card transactions in Poland are cleared by two foreign entities, MasterCard and Visa.