BAKU, Azerbaijan, November 24. The Central Bank of Azerbaijan (CBA) prepares a roadmap for open banking, said Head of the IT Division of CBA Sahib Hasanov during the 6th International Banking Forum, Trend reports.
According to him, the roadmap is going to cover the period up to 2025.
"We believe that open banking will contribute to the development of financial tools as well as to the economy in general. Moreover, it is planned to develop the API standards for open banking based on international standards. Today, API standards are implemented in more than 60 countries around the world," Hasanov said.
He noted that new laws that would allow the implementation of open banking in the country and the integration of local banks into this conception are expected.