Azerbaijan, Baku, August 26 / Trend, E.Aliyev/
The measures taken by the Azerbaijani Central Bank (CBA) on regulating the market of payment instruments are effective, Executive Director of the Millikart Group Processing Centre, Jalal Orujov told Trend on Monday.
"To date, the Central Bank has taken a very correct position. It doesn't intervene in little things and puts forward a clear framework," Orujov said.
According to him the market payment mechanism is one which changes very quickly.
"If it is over-regulated, then any normative legal act can become obsolete at the moment of its working-out and further acceptance, as the service which it should regulate by that time can change to an unrecognisable, or completely stop working. Over-regulation in this market is ineffective and the Central Bank acts in a correct way by putting forward a framework, ground rules and regulates the market within these rules, revealing weaknesses and reacting to them,"Orujov noted.
According to him there were opposite examples which were less effective and caused dissatisfaction amongst the banking sector.
A draft law 'ON payment services' was worked out in Azerbaijani for the first time to regulate this area.
The document describes the obligations of payment organisations to ensure the safety of clients' resources and the necessary measures for it.
In addition according to the document, the operator of the payment services should provide the client with the information about the data required for conducting payment, or unique identification code, the maximum term for execution and cost of services, the applicable currency exchange rate and other aspects before conducting the operation.