BAKU, Azerbaijan, February 19. The Electronic money and payment organizations licensed by the Central Bank are connected to the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, Trend reports via the CBA.
According to the bank, a joint meeting of the SWIFT Users Group, consisting of representatives from commercial banks and relevant financial institutions, was held at the CBA with a delegation from the SWIFT organization.
The meeting discussed current and future action programs, strategic goals, and the objectives set for cross-border payments by the G20 countries.
Speaking at the meeting, Deputy Governor at the CBA Vusal Khalilov highlighted the ongoing reforms in payment systems and strategic priorities.
"It is crucial for financial institutions and strategic partners to be well acquainted with the Central Bank's 'Financial Sector Development Strategy for 2024-2026' and focus on the initiatives outlined in this framework. At the same time, the connection of electronic money and payment organizations licensed by the Central Bank, in addition to banks, to the SWIFT network is considered one of the important indicators of the development of the fintech sector and is regarded as the beginning of the next phase in the financial sector," he said.
Afterward, the discussion was held on the dynamics of payment transactions in Azerbaijan, the current state of the national payment infrastructure of the country, the work done on the transition to the international standard ISO20022, as well as the prospects for the development of payment services.
Moreover, practical discussions were held on the innovative payment solutions implemented in Azerbaijan in cooperation with the SWIFT organization. Representatives of commercial banks also made presentations on relevant topics.
The CBA continues to implement projects and strategic initiatives for the development of electronic payment systems and the expansion of cashless payments in the country, in cooperation with relevant state institutions and international organizations.
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