BAKU, Azerbaijan, September 2. The adoption of a law regulating the activities of payment systems and services in Azerbaijan will contribute to the development of local financial institutions, the press service of the Central Bank of Azerbaijan (CBA) told Trend.
According to the CBA, the bill ‘On payment services and systems is being considered by various government agencies.
"It’s expected that its adoption will create the basis for ensuring even greater security and reliability of payment systems in Azerbaijan. Besides, this will serve the further development of payment services, organizations and operators of payment systems, as well as third-party providers of services (for sharing information about accounts and payment transactions)," the bank said.
"The bill reflects the issues regulating the activities of financial institutions, as well as the protection of safe and reliable payment systems and their important work," added the CBA.