Azerbaijan, Baku, Nov. 18 / Trend J. Nasibova /
The terms of implementing a joint project between Coinstar Eurasia and the International Bank of Azerbaijan (IBA) is under the question, Director General of Azericard processing center, fully owned by the IBA, Anar Sultanov told Trend on Saturday.
IBA joined Coinstar Eurasia Ltd integration system, which will allow making money transfers to the bank cards of Azerbaijani processing center Azericard's clients in the future. Previously, it was expected to launch the service in December 2011.
"The uncertainty with the project implementation at the moment is connected with the fact that management has been changed in Coinstar, which decided to suspend it," he said. "Perhaps, this occurred because the company's management considered the project inappropriate from a financial point of view."
Most operations have been conducted. But at a certain stage, due to internal changes in Coinstar, it decided to suspend the project. However, it remains relevant.
Azericard director said that the plans on cooperation with Coinstar remain valid in the future.
The purpose of the project is instant online transfer of funds to the accounts of the Azerbaijani cards, to be served by local processing centers. So, customers will be able to transfer money to the card via "cash-to-card" system.
It is planned that the project of transferring funds to plastic cards in the future will allow making international transfers with receiving and paying in local currency. Direct conversion, rather than through dollars and euros, will be used in the calculations in the CIS.
Coinstar Eurasia specializes in b2b-services in the financial sector: development of business and IT in payment field, remittances and other financial services. The company is best known as a provider of its own international money transfer system Coinstar Money Transfer in CIS countries.
Since 2009, Coinstar Eurasia has been expanding its presence in the CIS market, introducing a new concept of business integration of retail financial organizations and service providers. For Europe and CIS countries market Coinstar Eurasia created its portfolio of financial services, similar to the portfolio 4th wall, which is available at the Coinstar inc company's assets for the U.S. market.