CBA to expand control over payments

Business Materials 16 June 2011 16:47 (UTC +04:00)

Azerbaijan, Baku, June 16 / Trend, N. Ismayilova /

The Central bank of Azerbaijan (CBA) plans to expand its supervisory authorities to control payment systems in the country.

"Today, the Central Bank's authorities include control over the activity of national payment systems, as well as five processing centers operating in the country," the bank said.

The CBA intends to control the activity of all payment systems within the country, including the systems of such institutions as non-banking credit organization.

There are also private payment systems in Azerbaijan, such as GoldenPay, whose activity is not still controlled by the CBA.

After making amendments to the bill, control over such payment systems will be included in the Central Bank's authorities.

Azerbaijan has five processing centers, namely Azericard, MilliKart, TexKart, KapitalBank and to RoyalCard, as well as two national payment systems- nter-bank system of large payments (AZIPS) and payment clearing system of small payments (XONKS). CBA National Payment Systems for small payments (XONKS) and large payments (AZIPS) were created under the state program of development of the national payment system in 2005-2007. The center for utility has been created on the basis of XONKS. possible to avoid abuses in the bank branches.